Business & Economy
CBN Plunges Nigerians Into Confusion As Banks Reject Old Naira Notes
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The CBN’s naira redesign policy has been a source of suffering and confusion for Nigerians in recent weeks.
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The Supreme Court seemed to give respite to Nigerians last week after ordering the apex bank not to enforce its deadline for phasing out the old naira notes.
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However, some commercial banks have stopped collecting the old naira notes, disregarding the court order.
Eko Hot Blog reports that some commercial banks have stopped collecting the old naira notes from customers.
EDITOR’S PICKS
The move is contrary to the ruling of the Supreme Court restraining the Federal Government from implementing the February 10 deadline earlier fixed by the Central Bank of Nigeria (CBN) for phasing out the old notes.
The governments of Kaduna, Kogi and Zamfara states on February 8 secured the order of the apex court extending the deadline beyond last Friday stipulated by the CBN for the use of the old notes.
A seven-member panel of the apex court led by Justice John Okoro ordered that the deadline be suspended till Wednesday, February 15, when the proceedings would continue even as other states had applied to join the suit.
The premature rejection of the old naira notes also contravenes the recent statement of the CBN, which allowed customers a seven-day grace period of depositing the old notes in banks till February 17, 2023.
However, deposit money banks (DMBs) ignored the CBN’s directive and the Supreme Court order on Monday
They refused to accept the old N1,000, N500 and N200 notes from depositors and point-of-service (POS) agents who flooded the banks to lodge their cash.
According to The Punch, checks showed that banks in the Ikeja area of Lagos State refused to collect the old notes from customers.
Speaking to the newspaper on condition of anonymity because he was not authorised to speak on the latest development, a staff member of First Bank Plc said that they were instructed not to collect the old naira notes.
Also, in the Badagry area of Lagos, several bank customers and PoS agents who visited banks on Monday were shocked to learn that the banks were not accepting the old notes.
A resident, who identified himself simply as Mr Julius said the branches of Access Bank and UBA in the town refused to accept the old currencies from depositors.
In Ibadan, Eko Hot Blog gathered that all UBA branches rejected the old naira notes from customers who came to deposit them.
A staff member, who spoke to Eko Hot Blog on the condition of anonymity, suggested that the CBN is the cause of the confusion as it apparently directed banks not to collect the old notes.
In Ogun, a Sterling Bank official told The Punch that banks in the Magboro area of Ogun State had shut down as a result of the scarcity of cash.
Findings also indicate that some banks in Abuja, the capital city, have stopped accepting the old notes.
Officials who spoke to The Punch said the policy was in line with a directive from the apex bank, noting that they did not know anything about the Supreme Court order.
At a Zenith bank branch located in the Central Business District, customers who had the old notes could not deposit them as officials blatantly refused to accept them.
The same situation was observed in Ado Ekiti, the Ekiti State capital as many residents were frustrated by the banks and filling stations which refused to collect the old notes.
CBN Governor, Godwin Emefiele and President Muhammadu Buhari with the new naira notes
As the naira crisis worsened, the CBN Governor, Godwin Emefiele, again met with President Muhammadu Buhari at the Presidential Villa on Monday.
Emefiele, who met with the president for the third time in a week, failed to address State House correspondents as he reportedly left the villa through a side entrance.
The CBN’s silence has plunged Nigerians into confusion and hardship as millions of residents don’t know who to turn to for help.
FURTHER READING
Eleven days ago, the president promised a major decision to happen in seven days but he has been mum till now.
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