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Sunday, May 26, 2024

Naira: Despite CBN’s Directive, People Are Still Hustling For Naira

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Commercial banks in Lagos have started disbursing the old naira notes to customers at their various automated teller machines (ATMs) terminals and over the counter.

The banks were also observed to be accepting deposits of the notes — a development which is in compliance with the latest directive of the Central Bank of Nigeria (CBN) on the naira redesign policy.

Yielding to pressure to obey a the supreme court judgement, the CBN had said the old N200, N500, and N1,000 notes remain legal tender until December 31, 2023.

It also directed banks to comply with the court order by issuing and accepting the old notes.

“…consequently, all concerned are directed to conform accordingly,” the apex bank had said.

Checks by KOKO TV Wednesday show that some commercial banks in Lagos have started to comply with the directives from both the court and the regulator.

It was observed that an Access Bank branch in Marina area of Lagos dispensed and collected the old notes from customers

 

A visit to branches of Access Bank and Wema Bank in Ebute Metta, Lagos, also showed that the banks had started dispensing the old notes over the counter and via ATMs.

At Stanbic IBTC in Abule Ado, customers were paid over the counter, with a cap of N20,000; while Zenith Bank, in the same location, allowed a withdrawal of only N2,000 per transaction via ATM.

More so, customers thronged ATMs at branches of Sterling Bank, Zenith Bank, and the United Bank for Africa (UBA) in the Ikorodu axis of Lagos, to withdraw cash.

READ ALSO: New Naira: Buhari Didn’t Tell CBN To Disobey Court Orders — Presidency

“They are dispensing,” a customer said, tersely.

Kano state arrest supermarket for refusing old notesTrending video of the day;

Photo Credit: Getty 

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