Customers live in Confusion over Legal Status of Naira Notes as CBN, Bankers Bicker
Customers in several banks across Nigeria are living in utter confusion as the banker claimed that customers would not be able to deposit the same old notes in banks at the moment until the Central Bank of Nigeria (CBN) orders commercial banks to start paying and receiving the old notes.
Gentechnews gathered from some bank customers in Lagos that some new generation banks gave out old N500 and N1000 notes, but they could not spend it because traders, Filling stations among others have rejected the old naira notes.
They lamented that when they returned to the banks where they were given the old N500 and N1000 notes, the same banks refused to accept the same money as deposit.
But Dr Isa Abdulmumin, acting director of Corporate Communications, CBN, said that “Banks are paying old notes as well as new notes. They are all legal tender.
Yes, the CBN has not issued an official statement on the issue. Anyone banks give to you, you can collect. We just want to make life easy for Nigerians.”
However, a bank official, who does not want to be named, said that banks will not allow any deposit in the old notes unless the CBN gives further directives, saying those who had generated CBN codes to make deposits earlier would no longer be allowed to make another deposit.
“CBN hasn’t given any directive yet. But commercial banks are partially paying the old notes to customers. Though it is not compulsory for customers to collect the old notes as banks won’t take them back from customers for now.
“As I speak with you, we are still on a one-off deposit once you generate the code from the CBN. So, imagine how they will deposit the cash if they’ve already deposited before,” the bank official added.
Commenting on why commercial banks decided to pay the old notes knowing that the CBN has not given the order to do so, the bank official hinted that banks are aware of the lack of cash in the economy, stressing that most of the officials are not happy seeing their customers under the sun and in the rain waiting for new notes that are not available.
“Banks decided to pay to ease the issue of people not having cash since the CBN remains adamant to change the new policy,” he said.
Nigerians are appealing to President Muhammadu Buhari to obey the order of the Supreme Court to allow the old notes to co-exist with the new ones because they are dying without money to feed and do other things.
