There is increased anxiety in Nigeria as banks have reduced the volume of new Naira notes they dispense to customers per cash withdrawal.
The reduction is said to be by about 50 per cent. The Central Bank of Nigeria gave January 31st as deadline when the old notes will cease to be legal tender
But the CBN, in a bid to protect Nigerians from falling victims of counterfeiters, has released details and positions of the security features in the new N200, N500 and N1000 notes.
Some banks have resorted to giving their customers N4,000 in the redesigned N1,000 note for cash withdrawal of N100,000, while some give N5,000 in redesigned note per N200,000 cash withdrawal.
This is a sharp reduction from the N10,000 in redesigned notes given to customers per N100,000 last week when the banks commenced circulation of the new notes.