The Central Bank of Nigeria (CBN) has announced that only denominations of ₦200 and below shall be loaded into automated teller machines (ATMs).
The apex made the announcement on Tuesday, December 6, 2022, in a circular signed by CBN Director of Banking Supervision, Haruna Mustafa.
The CBN also ordered commercial banks and other financial institutions to ensure that cash withdrawals by individuals and corporate organisations over the counter should not be more than ₦100,000 and ₦500,000, respectively, in a week.
The apex bank said the new policy is in line with newly redesigned naira notes that were launched by President Muhammadu Buhari a few days ago.
According to the CBN, the new naira notes will be in circulation on December 15, 2022, while the old notes will cease to be legal tender by the end of January 2023.
The affected notes include ₦1000, ₦500, and ₦200.
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