Regardless of the amount withdrawn, commercial banks will now pay customers over the counter with N100, N50, N20, N10, and N5 notes.
All commercial banks received the direction from the Banker’s Committee, along with a notice directing them to stop accepting old N1,000, N500, and N200 notes as payment. As a result of this occurrence, bank customers are urged to conduct transactions using their alternate channels; however, for those who insist on using the new naira notes, automated teller machines are advised to be used (ATMs).
The directive was issued on Monday, following a meeting of the bankers’ committee in Lagos