Nigerian Banks Unable To Satisfy Customers’ Cash Request Despite CBN Directive

Some Nigerian Banks have started paying old naira notes to customers following the Central Bank of Nigeria (CBN) directive in compliance with the Supreme Court’s ruling.

However, there is some sort of rationing currently taking place because the banks have limited quantity of the old notes, a development that has made it difficult to meet the cash request of bank customers.

Most banks had returned the old naira notes collected from customers in the last few months before CBN directed full compliance with the Supreme Court’s ruling, which extended the validity of old N200, N500, and N1000 notes to December 31, 2023.

During THE WHISTLER’s visit to a Polaris bank branch in Gwarimpa on Tuesday, A customer said though the banks have began dispensing the old cash, they are “limiting the amount we can withdraw over the counter and at ATMs.”

But that was not the case in Zenith Bank.

A customer service personnel who spoke to our correspondent on Wednesday said, the bank is yet to start paying the old naira note because CBN has not released the notes retrieved from them.

“We got the circular yesterday but there is nothing we can do because CBN has not sent back the old notes we gave to them.
“Since today we have not made any over the counter payment, mainly our customers come to the bank to rectify some failed online bank transactions. Last week we were paying only the N200 Naira notes over the counter, hopefully by next week everything would be sorted.”

Findings also revealed that some vendors have refused to accept the old naira notes despite the CBN’s new directive.

Rasheedah Jimoh, A provision seller in Kubwa market said the women in the market would rather have their market go bad than sell it and collect the old note.

“No, I am not collecting old note. In the market nobody has agreed because we want the money to circulate because all these local marketers that sell food stuffs, plantain, pepper potatoes, they don’t collect old not and they are not accepting transfer

“Most of them prefer their market to get spoilt than collect old note. I went to but plantain with my old note and they did not collect it, she prefers me to owe her than give her the old note.”

However, she said the only way the market vendors would accept the old note would be after the CBN governor comes on air and speak to Nigerian rather than send a circular

Adamu, a tomato seller said he collected two N500 old notes on Wednesday but he is still afraid of losing money because no one wants to collect it as change.

“Two people brought old N500 notes I collected them but I’m scared especially after I offered it as change to some people and they rejected it.I will take the money to the market to see if they would collect it. I hope that I the next few days people would begin to accept the money”