Tuesday, January 31, 2023


The Central Bank of Nigeria (CBN) Governor gave Banks the following instructions during today's meeting of the CBN Bankers Committee. 

1. No Bank is permitted to reissue Old Notes through ATMs or in-person at bank counters. 

2. There is no over-the-counter exchange of new notes. Only new notes released by banks through ATMs are permitted. 

3. Corporate entities in need of cash should only be given old N100 notes and lower. The new notes must not be given to corporations. 

4. In order to fully assess compliance with the aforementioned CBN guidelines, EFCC/ICPC representatives will accompany CBN examiners as they inspect bank branches over the next two weeks. 

5. Contracts of branch employees who disobey orders or give money to corporations or politicians will be terminated, and the relevant banks will be penalized. 

6. No branch should permit a person to use multiple Debit cards to make multiple ATM withdrawals. 

7. Every new note has a tracking number that allows you to track it back to the State, Bank, and Bank branches. Therefore, notes seized at events and other locations can be linked to the Bank and the relevant branch.

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