Customers Reject Old Naira Notes From Banks As FG and CBN Remain Quiet on Supreme Court Judgement
- Customers are reportedly rejecting old naira notes from banks that have resumed payments
- The customers are pointing out that the general public is not accepting the old notes as a means of transaction
- The silence of the Federal Government of Nigeria and the Central Bank of Nigeria remains a serious concern
Customers are rejecting old naira notes from banks that have resumed payments while they wait for directives from President Muhammadu Buhari and Godwin Emefiele.
According to Vanguard, banks in Ibadan attempted to pay customers with old 500 and 1000 Naira notes, but the customers rejected them.
Source: Facebook
They fear of the old notes will not be accepted as legal tender.
A staff of the commercial bank in Ibadan was quoted as saying that the customers rejected the old notes at her branch.
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She also said that she had personally withdrawn N30,000 for personal spending but regretted that she could not use it for transactions.
Her words:
“I also made a withdrawal of 30,000 naira old notes but unfortunately I became stranded when I wanted to pay an okada rider and he rejected it.
" Since that was the only money I had on me, I was also affected with the scarcity of new naira notes, I had to call someone that brought 500 naira for me to settle the bike man.”
Some Nigerians on Twitter that claimed they were paid in old banknotes by banks in Jabi, Abuja, returned them on Tuesday as no one was willing to collect them on the streets.
Supreme Court judgement on old naira notes
Recall that the Supreme Court judgment on Friday, February 24, 2023, extended the validity of the Central Bank of Nigeria (CBN) currency redesign policy to December 2023.
It's been more than 72 hours, and the federal government and the CBN have yet to make a statement creating more confusion.
CBN plans to pump new naira notes into circulation
In another report, the CBN is preparing to make another N500bn new naira notes available to banks and, more crucially, Nigerians.
Due to the lack of new naira notes, Nigerians and PoS operators have been forced to continue trading with the old currency.
It is expected that the apex plan to pump more cash, pushing the value of new naira notes in circulation closer to N1 trillion.
Source: Legit.ng
