Confusion as Banks Tell Supermarkets to Reject Old Notes, Traders Sell Them Ahead of Supreme Court Judgement
- Some supermarkets, on the instruction of commercial banks, have stopped collecting the old naira notes from customers
- This is despite an order from the Supreme Court halting the phasing out of old naira notes
- The Central Bank of Nigeria has yet to release a statement on the Supreme Court order, which has created confusion in the economy
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Some banks have advised their loyal customers who are in business to stop collecting old naira notes as they (banks) would not collect old notes from them.
This is despite a standing order from the supreme court that the new and old naira notes remain legal tender till its judgment slated for Wednesday, February 15, 2023.
The old N200, N500, and N1000 naira notes were expected to stop being legal tender on Friday, February 10, 2023.
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Customers share experience trading in old naira notes
An attendant at a Lagos supermarket narrated:
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“Some of my customers wanted to pay me with old naira notes, so I decided to call my account officer to verify if I could go ahead. My account officer said I should not because the deadline ended, and they will not be able to collect it from me."
In another supermarket, it was conspicuously pasted on the wall: “We are not accepting the old currency."
Daily Trust reports that the Kano state government decided to take matters into its hand by shutting down a popular supermarket, Wellcare, over its refusal to accept old Naira notes.
Furthermore, the Kano state government warned traders to stop rejecting the old naira notes.
Others state governments have also sent similar messages to traders.
Traders get creative
While the big shopping malls reject the old naira notes, street traders have found a new way to make extra cash.
Some traders told Legit.ng that they now sell their old naira notes to PoS operators who are desperate to buy.
A trader named Kingsley Okonkwo said he still collects the old naira notes but sells them to PoS operators.
"I go to PoS operators, ask if they need cash, and they transfer to me. I gave them my sales for the day. I charge N250 for N5,000 and N500 for N10,000."
"I do this because I am confused about the deadline for old naira notes; instead of staying in my business waiting for new notes, I gather the old notes and swiftly sell them to PoS operators near me."
Banks send messages to customers
BusinessDay reports that Stanbic IBTC, in a note to its customers, said:
“The old designs of N200, N500, and N1000 will no longer be accepted as legal tender after today, 10 February 2023. Deposit your old notes now at any of our branches,” tier-two lender, Stanbic IBTC, said to its customers.
Meanwhile, the CBN removed the February 10, 2023, live countdown from its website on Friday, as the deadline expired.
Video shows bank staff scaling a fence to safety
Meanwhile, in another report, Nigerians are getting desperate for cash and making thousands of bank staff afraid for their lives.
In a recent development, a video showed members of staff of a bank jumping over the back fence as customers got more frustrated.
Nigerians have reacted to the video, while the CBN has continued to insist that there will be no deadline extension.
Source: Legit.ng
