By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Independent News ExpressIndependent News Express
  • Home
  • International
    InternationalShow More
    G7 finance leaders seek non-tariff consensus in Canada, may face US pushback
    Ahead G7 Summit, Finance Ministers Seek Non-tariff Consensus In Canada, May Face US Pushback
    2 weeks ago
    Over 28,000 Women And Girls Killed In Gaza Since October 2023
    2 weeks ago
    Global Aid Cut
    New Report Reveals How Global Aid Cuts Affecting Women’s Organisations Aiding Women In Crises
    3 weeks ago
    UNICEF Raises Alarm Over 14m Children Worldwide At Risk Of Malnutrition
    2 months ago
    United Nations for Women
    In 8 Days, 830 Killed In Gaza – UN Women Raises Alarm
    2 months ago
  • Africa
    Africa
    Show More
    Top News
    Human Rights Watch Kicks Over 10-Year Jail Term Giving Burundian Journalist
    2 years ago
    Democracy In Africa In Crisis, Afrobarometer Warns
    2 years ago
    Hopesalive Initiative for Africa
    Queen Temitope Enitan-Ogunwusi Receives African Award In Ethiopia
    2 years ago
    Latest News
    ECOWAS Marathon Race Director Okon Congratulates Commission on 50th Anniversary
    5 days ago
    Africa Day: Majority of Africans Want African Nations Be Given Greater Influence In International Decision-making Bodies
    1 week ago
    Edelman Africa Launches Regional Advisory To Support Global Institution Growth In Africa
    3 weeks ago
    African Union Champions Artificial Intelligence for Africa’s Socioeconomic Transformation
    2 months ago
  • Corporate News
    • Media Outreach
  • Politics
    Politics
    Show More
    Top News
    Peter Obi’s Big Win In Lagos Set Social Media On ‘Fire’
    2 years ago
    Tayo Ayinde, A Leading Choice For Nigerian President-Elect’s Chief Of Staff
    2 years ago
    15th BRICS Summit
    Timi Frank Blasts Shettima For Gloating Over Predetermined Tribunal Judgement
    2 years ago
    Latest News
    LG Election: Stakeholders Appeal To APC Not To Allow Chairmen Run For 3rd term
    4 weeks ago
    More APC Chairmanship Aspirants Reject Indirect Primary For Local Govt Elections In Lagos State
    4 weeks ago
    Youth Party Sets May 18 for Lagos LG Primary Elections, Slashes Fees For Women and PWDs
    1 month ago
    Oyo State Faces Herculean Task in Picking Makinde’s Successor – Chief Ayorinde
    2 months ago
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
    News
    Show More
    Top News
    Ondo Governor, Akeredolu Begins Construction Of First Flyover In Akure
    2 years ago
    Celebration Of Life: Reverend Adewumi Jegede Of Later House Of God Assembly Buried Amid Pomp
    12 months ago
    Pa Abdulfatah Amoo Ayanwale
    Pa Ayanwale Dies At 76, Fidau Prayers Holds 8 August
    2 years ago
    Latest News
    IMSUAA 2025 Convention: Two Artistes From Lagos Chapter To Light Up Event
    7 days ago
    Lagos SWAN Celebrates Yeni Kuti On Her Special Day
    1 week ago
    Ado Ekiti Honours One of Its Own: A Tribute To Chief Tajudeen Oluyole Olusi
    1 week ago
    Owo Security Summit Holds 26 May
    1 week ago
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
    Entertainment
    Show More
    Top News
    YouTube Partners 8th All-Africa Music Awards 
    2 years ago
    GOtv
    GOtv Channels To Be Renumbered for Better Viewing Experience
    2 years ago
    New Grammy Rule Addresses Artificial Intelligence, Says “Only Human Creators” Eligible For Awards
    2 years ago
    Latest News
    Nigerian Idol Season 10 Live Shows Are Underway as the Top 10 Battle for Stardom
    6 days ago
    Nigeria Strengthens Fight Against Content Piracy Through Strategic Partnerships
    1 week ago
    Prestige, Impact: Why AMVCA is the People’s Award Show
    4 weeks ago
    Celebrating African Cinema: AMVCA’s Growing Influence in Global Entertainment
    1 month ago
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
    Lifestyle
    Show More
    Top News
    Cultural Fusion: Omoge Anago/Iroko Day Festival Bridges Nigeria & Benin Republic
    8 months ago
    African Catholic Bishops Converge in Lagos for Landmark 50th anniversary of the Pan African Committee for Social Communications (CEPACS)
    African Catholic Bishops Converge in Lagos For Landmark 50th CEPACS Anniversary
    2 years ago
    Muslim/Muslim Ticket: Focus Should Be On Need For Good Governance – Obasa, Others
    3 years ago
    Latest News
    Lagos SWAN Joins UN To Celebrate World Nutrition Month At Unilag Confab
    6 days ago
    Yemisi Shyllon Museum of Art and Toledo Museum of Art Launch Historic Cultural Exchange
    4 weeks ago
    Piracy in Africa’s Creative Sector: How Creators Can Protect Their Content
    1 month ago
    Fanti Carnival Returns To Lagos This Easter Sunday
    2 months ago
  • Business
    • Banking & Finance
    • Oil & Gas
    BusinessShow More
    Lagos Will Continue To Lead Initiatives That Accelerate Economic Diversification – Sanwo-Olu
    2 weeks ago
    Afreximbank
    Afreximbank Reports Strong Performance For Q1 2025 In Line With expectations
    2 weeks ago
    Pan-African Payment & Settlement System
    Nigeria Unlocks Intra-African Trade With New Pan-African Payment & Settlement System Policy Boost
    3 weeks ago
    Impact Of Online Trading Platforms Like Temu On Nigeria’s Economy
    3 weeks ago
    Unity Bank Launches GenFi, Targets Children, Teens With Gamified Banking Platform
    4 weeks ago
  • Health
    Health
    Show More
    Top News
    WHO Raises Alarm Over Rise In Cholera Cases In Nigeria, Malawi, Cameroon, 7 Other Africa Nations
    2 years ago
    Tackling Preventable Diseases, Africa Needs To Vaccinate 33m Children To Put Progress Back On Track
    2 years ago
    USAID
    United States Partners Woman-Owned Nigerian Company To Fight Malnutrition
    2 years ago
    Latest News
    Alimosho Football Coaches Council Set For Health, Safety Business Workshop
    1 week ago
    World Hypertension Day: Merck Foundation Commits To Improving Cardiovascular And Diabetes Care Across Africa
    2 weeks ago
    First Lady Gives Paediatric Support To Indigent Patients At Lagos General Hospital
    3 weeks ago
    Salt Awareness Week: CAPPA Urges Fed Nigerian Govt To Accelerate Salt Reduction Targets Regulation
    3 weeks ago
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Reading: Naira Swap: Banks Now To Pay N20k New Notes Daily Limit
Share
Notification Show More
Aa
Independent News ExpressIndependent News Express
Aa
  • Home
  • International
  • Africa
  • Corporate News
  • Politics
  • News
  • Entertainment
  • Lifestyle
  • Business
  • Health
  • More
Search
  • Home
  • International
  • Africa
  • Corporate News
    • Media Outreach
  • Politics
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
  • Business
    • Banking & Finance
    • Oil & Gas
  • Health
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Have an existing account? Sign In
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Independent News Express > Blog > Banking & Finance > Naira Swap: Banks Now To Pay N20k New Notes Daily Limit
Banking & FinanceBusiness

Naira Swap: Banks Now To Pay N20k New Notes Daily Limit

Last updated: 2023/02/02 at 1:38 PM
2 years ago
Share
SHARE

Nigerians would now have a sigh of relief as the Central Bank of Nigeria (CBN), has directed deposit money banks, DMBs, to commence payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of N20,000.

Director Corporate Communication, CBN, Osita Nwanisobi said in a statement that the CBN will further collaborate with the Nigeria Police, Federal Inland Revenue Service, FIRS, the Economic and Financial Crimes Commission, EFCC, and the Nigerian Financial Intelligence Unit, NFIU, to prosecute abuses and sellers of the naira.

He said: “The Central Bank of Nigeria (CBN) has observed, with grave concern, the activities of persons who sell the newly redesigned banknotes and those who flagrantly abuse the legal tender by hurling wads of Naira notes in the air and stamping on the currency at social functions.

- Advertisement -
Ad imageAd image

“While reiterating our commitment to Nigerians to ensure the effective distribution of the newly introduced Naira banknotes, we urge them to exercise patience as the CBN is working assiduously to address the challenge of queues at ATMs. In line with this resolve, the Governor, Mr. Godwin Emefiele, has directed deposit money banks (DMBs) to commence the payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of N20,000.

“We also admonish members of the public to embrace and adopt other payment channels for their transactions,” CBN said in the statement.

 “The Central Bank of Nigeria (CBN) has observed, with grave concern, the activities of persons who sell the newly redesigned banknotes and those who flagrantly abuse the legal tender by hurling wads of Naira notes in the air and stamping on the currency at social functions.

“We have equally noticed the queues at Automated Teller Machines (ATMs) across the country and an upward trend in the cases of people stocking and aggregating the newly introduced banknotes they serially obtain from ATMs for reasons best known to them. Also worrisome are the reported cases of unregistered persons and non-bank officials swapping banknotes for members of the public, purportedly on behalf of the CBN.

“We wish to state unequivocally that, contrary to the practice of these unpatriotic persons, it is unlawful to sell the Naira, hurl (spray), or stamp on the currency under any circumstance whatsoever.

“For the avoidance of doubt, Section 21(3) of the Central Bank of Nigeria Act 2007 (As amended) stipulates that “spraying of, dancing or matching on the Naira or any note issued by the Bank during social occasions or otherwise howsoever shall constitute an abuse and defacing of the Naira or such note and shall be punishable under the law by fines or imprisonment or both.”

“ “Similarly, Section 21(4) states that “It shall also be an offence punishable under Sub-section (1) of this section for any person to hawk, sell or otherwise trade in the Naira notes, coins or any other note issued by the Bank.”

“Accordingly, the Central Bank of Nigeria (CBN) is collaborating with the Nigeria Police, Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to address the unpatriotic practice.

“We, therefore, warn Nigerians, particularly those at social functions such as birthdays, weddings and funerals, to desist from disrespecting the Naira or risk being arrested by law enforcement agencies.”

The apex bank reminded Nigerians that “The Naira is our legal tender and symbol of national pride. Therefore, let us respect it and handle it with care.”

You Might Also Like

Lagos Will Continue To Lead Initiatives That Accelerate Economic Diversification – Sanwo-Olu

Afreximbank Reports Strong Performance For Q1 2025 In Line With expectations

Nigeria Unlocks Intra-African Trade With New Pan-African Payment & Settlement System Policy Boost

Impact Of Online Trading Platforms Like Temu On Nigeria’s Economy

Unity Bank Launches GenFi, Targets Children, Teens With Gamified Banking Platform

TAGGED: CBN, Naira Swap
INadminNG February 2, 2023 February 2, 2023
Share This Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Print
Previous Article Bringing Care Closer To Eliminate Cervical Cancer In Guinea
Next Article Ethiopia’s Worku Leads Worldclass Runners To Gold-Label Access Bank Lagos City Marathon
about us

Independent News Express (iNews Express), a publication of 4Ds Nigeria Limited, is birthed out of the desires of the founding fathers to report News as it is.

We value Professionalism, Excellence, Service, Creativity and Integrity.

The Company

  • Home
  • About Us
  • Contact Us
  • Privacy & Policy

Quick Links

  • Advertise with us
  • Newsletters
  • Deal

Categories

Find Us on Socials

© Independent News Express. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?