Banks Continue to Dispense Old Notes as Customers Reject Conditions For Deposit

• Bank customers are rejecting conditions given by their banks for old naira notes deposits
• The bank customers say returning old naira notes to the banks is tedious
• The banks have asked their customers to log in to the CBN portal to replace their old notes

More Nigerian banks have started to dispense the old N500 and N1000 notes to their customers.

Investigation reveals that some banks began to pay the old notes primarily via their ATMs.

Customers in shock as banks reject old notes they dispensed

However, customers expressed surprise on Thursday, February 9, 2023, after their banks told them they wouldn't accept their old naira notes.

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Fresh crisis looms for Emefiele over refusal to direct banks to pay, accept old notes

Some of the banks gave their customers conditions before they would be allowed to deposit old naira notes.

The development comes as customers report that traders, transporters, and petrol stations reject the old naira notes.

They expressed surprise that the same banks paying old naira notes reject them for deposit.

Punch reports that some customers told reporters that the banks had asked them to go and generate codes from the Central Bank of Nigeria portal (CBN) before depositing the old notes.

CBN's cash swap portal still open

Amid the confusion trailing the old naira notes, the CBN portal for depositing old naira notes has remained open for the fourth week.

The apex bank had surreptitiously asked customers to log in to the portal to generate codes for old naira deposits of N500,000 and below.

The bank said they should take any deposit above N500,000 to any CBN office nationwide.

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CBN speaks as banks resume paying Nigerians in old naira notes, customers kick

But bank customers see the process as tedious, have kicked against it, and rely on the Supreme Court ruling extending the notes' lifespans to December 31, 2023.

CBN speaks as banks resume paying Nigerians in old Naira notes, Customers Kick

Recall that Legit.ng reported that the Central Bank of Nigeria (CBN) has denied telling banks to pay customers with old naira notes despite a recent Supreme Court ruling allowing their use until December 31.

Isa Abdulmumin, the CBN spokesman who spoke to DailyTrust, said there was no official statement yet.

Legit.ng had reported that commercial banks began dispensing the old N500 and N1000 Naira notes.

Source: Legit.ng