Although the Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to obey the supreme court ruling on the old naira notes, some shop owners are still skeptical on collecting the old notes.
While some residents in Lagos are collecting the notes, shop owners who were making huge sales via Point of Sales (PoS) are still rejecting the old N500 and N1,000 banknotes for transactions.
CBN in a statement signed by its acting Director, Corporate Communications, Mr Isa AbdulMumin, on Monday directed the commercial banks to comply with the Supreme Court judgement of March 3.
CBN said: “Accordingly, the CBN met with the Bankers’ Committee and directed that the old N200, N500 and N1,000 banknotes remain a legal tender alongside the redesigned banknotes till Dec. 31.
“Consequently, all concerned are directed to conform accordingly.
Daily Champion investigations, however, revealed that some commercial banks were issuing the old notes while some filling stations have started accepting the old Naira notes and also giving it as change.
Also, it was gathered that some banks are yet to start dispensing both the old and new naira notes via the Automated Teller Machines (ATMs) and inside the banking hall.
Customers were seen in large numbers at the entrance of some of the commercial banks visited around Ikeja, Oshodi and other areas of the state with a hope to get cash.
A bank official, who spoke on the condition of anonymity disclosed that they do not have both the old and new naira notes in their vault to dispense to customers
“We are hopeful that we will get money from the CBN, following the directive,” the official said.
While expressing worry over the lingering cash scarcity, a business man Mr. Mike Igwe told Daily Champion that the suffering still persist despite the CBN’s directive to banks.
Another Bank customer who spoke on the condition of anonymity maintained that there is need for the regulators and the federal government to find a lasting solutions to this situation, adding that Nigerians are really suffering.
Our source said, “I just entered the bank but I was told that there was no cash. Both the old and new Naira notes were not available for us to collect.
Mr Christian Friday, a patent drug store owner, said if the old notes had not been destroyed as insinuated in some quarters, the apex bank should ensure that the banks comply in totality.
“Is it that CBN didn’t confiscate the notes and they were not also burnt as people say?
“If this was not the case, then why did it take the banks so long to accept this?
“All the same, CBN should make the money available to banks and put strict measures in place to ensure that they pay and also collect it back when customers come to deposit,” he said.
