Cash Scarcity: Customers Reject Old Naira Notes In Banks In Ibadan, Give Reasons
Customers of a commercial bank in Ibadan on Monday rejected the old 500 and 1000 old Naira Notes paid to them over the counter by officials of the banks for the fear of the old notes not being accepted as a legal tender.
A staff of the commercial bank in Ibadan who spoke with newsarena.ng on the condition of anonymity said the customers rejected the old notes at her branch claiming that the apex bank, Central Bank Of Nigeria, CBN has not given official statement on the supreme court judgement to Nigerians.
Recall that the Supreme Court judgment on Friday extended the validity of the Central Bank of Nigeria (CBN) currency redesign policy to December 2023, and as such some deposit money banks especially in Kano and FCT have started paying out the old notes.
The source said the bank on Monday received from the apex bank the old Naira Notes earlier deposited to the CBN last week which she said prompted the payment of the old notes over the counter.
She hinted newsarena.ng that she also made a personal withdrawal of 30,000 naira, to be used for personal spendings but regretted that she could not use it for transactions as traders and commercial motorcyclists rejected it.
“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 500naira for me to settle the bike man” she said.
She said though no official statement from the CBN on the acceptability of the old naira Notes following the supreme court judgement, there was hope that the situation would get better in few days
