… Confusion as customers reject bank’s old Naira notes
The Central Bank of Nigeria, (CBN), has ordered banks to start collecting the old N500 and N1, 000 notes from the public with immediate effect.
It, however, pegged the maximum amount the banks can collect at N500, 000.
A source from the bank said the CBN ordered the banks to collect the monies instead of going to the CBN office following difficulties encountered in getting access to the bank.
A CBN official said, “Go to your bank but fill out the form before you go. Go with the reference code you generate. With your code, banks will collect it from you. But if it is more than 500,000, you will go to the CBN and deposit it.”
The CBN had earlier maintained that the old currencies were no more legal tender. The apex bank had opened a portal on its website and made it mandatory for those willing to return old notes to fill and generate a code.
Recall that last Thursday, the CBN Governor, Godwin Emefiele, ordered the banks to make the old N200 notes available to Nigerians. However, protests which had been rocking different states over the scarcity of the new naira notes made the CBN order banks to collect higher denominations after meeting with banks’ leaders.
Meanwhile, sequel to the Supreme Court ruling extending the validity of the old N500 and N1,000 notes till December 31, 2023, Deposit Money Banks (DMBs) have resumed paying customers the old currency.However, contrary to expectations that Nigerians who are cash-strapped will be eager to receive the old currencies, it was gathered that some DMBs on Tuesday showed that customers are reluctant to collect the old currency.
An official of one of the banks visited who spoke to newsmen on condition of anonymity, affirmed that some of the DMBs have started on-the-counter payment of the old currencies to customers in the meantime.
