Abuja and Kaduna residents on Tuesday flooded commercial banks, following the Central Bank of Nigeria’s (CBN) directive that old N500 and N1000 notes should remain valid legal tender until December 31.
The CBN had approved the circulation of old N500 and N1000 notes as legal tender till December 31, 2023 as ordered by the Supreme Court.
The apex bank’s Acting Director of Corporate Communications, Isa Abdul made the confirmation in a statement issued on Monday night.
He said; “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterised the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
“Consequently, all concerned are directed to conform accordingly,” the statement added.
However, many commercial banks’ gates were full before 8:00 am, with customers optimistic that their sufferings have come to an end.
Findings by The Quest Times in Kubwa, Abuja on Tuesday showed that there were queues of bank customers in First Bank, UBA and Guarantee Trust Bank, among others.
At UBA, customers were given numbers, and our correspondent who arrived there around 10:15am was given Q8. Each alphabet had 1 – 30 while the person calling the number was at alphabet D.
The customers, who were seen in long queues, lamented the failure of the bank to provide naira notes, either new or old.
It was observed that ATM machines were not functioning, as they were deserted.
“There is no cash and there is no network for bank to bank transactions,” an official of the bank disclosed.
Customers also besieged various commercial banks in the ancient city of Kaduna to either get the new Naira notes or deposit the old notes.
Mrs. John Grace, who said she stood at the First Bank gate since 6:00 am this morning, said she was sure of going home with money.
Mr. Jusmana Moses, who banks with United Bank for Africa, said his bank would not have any excuses to give.
“It’s either they give me new notes, or old currency,” he said.
Peter Abraham, a Zenith Bank customer, expressed confidence that the bank has no excuses today, because the old currency received can easily be disbursed to customers.
However, Dr. Musa Yahaya, an account officer in one of the commercial banks in Kaduna, told DAILY POST that the bank has no money to pay customers, adding that all the old notes were taken to the Central Bank of Nigeria.
“As I am speaking with you now, the bank has no dime to pay to its customers. We are all depending on the CBN to give us money. It could be old or new, depending on the available currency,” he said.
