Eight days to the January 31 deadline set by the Central Bank of Nigeria to stop the old N1,000, N500, and N200 notes from being legal tender, banks’ Automated Teller Machines in Lagos, Abuja and other parts of the country are still dispensing the old notes, findings by The PUNCH have revealed.
Also, customers could not access the new notes in Port Harcourt, Rivers State. CBN had last Thursday threatened to sanction banks over the development.Meanwhile, bank officials who spoke to our correspondents complained of a shortage of new notes.
“The new currency is not enough for the bank to start dispensing; that is why they are still given the old currency.”that there was a scarcity of the newly redesigned notes, adding that no bank would deliberately want to flout the directive of the CBN. A Director at the CBN and serving Managing Director of NIRSAL Microfinance Bank, Dr Abdullahi Kure, had said the CBN would query banks found hoarding or diverting the new notes and dispensing old cash.Kure noted that the CBN would go through its “record to ascertain the quantity of new notes given to banks found to be dispensing old notes via ATMs. Where we detect any infraction, such banks would be sanctioned.
Mene, a member of the Olu Advisory Council and Ogwaolusan of Warri Kingdom, while assessing the ongoing advocacy by the personnel of the CBN on the new naira, said the advocacy had come too late. “For now, I don’t think there is any possibility of changing or extending the January 31 deadline within which the old naira notes will cease as legal tender,” he added.
“You have the right to report any bank found hoarding the new naira notes or refusing to collect your old naira notes before the 31st January 2023 deadline.
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