The Central Bank of Nigeria has instructed Deposit Money Banks not to reimburse clients who had previously withdrawn fresh naira notes over the counter.
Instead, the central bank instructed the banks to simply put fresh notes in their automated teller machines so that they circulate throughout the country before the old ones became invalid on January 31, 2023.
The apex bank ordered the implementation to start right away and on Wednesday issued the direction to the banks.
However, as of Friday, the banks had been unable to follow the instruction since they reported that there wasn’t enough of the new notes available, leading them to fill their ATMs with the old notes.
