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Following a directive from the Central Bank of Nigeria (CBN) on Monday that the old N500 and N1,000 notes remain legal tender in accordance with a Supreme Court ruling, banks have begun dispensing the currencies both over-the-counter and via Automated Teller Machines (ATMs).
An investigation by THISDAY found that businesses were still hesitating to accept or transact with the old notes.
However, when visiting some branches of banks in Lagos, it was noticed that ATMs were already dispensing the old notes and they were being given out over-the-counter as well.
It was also discovered that bank customers must fill out deposit forms through the CBN portal before withdrawing money, which raised some frustration among banks’ customers.
Additionally, queue times at banks’ ATMs have seen a decrease.
All supermarkets visited and petrol stations were still firmly insisting on being paid with the new banknotes or electronically.
The apex bank released a statement confirming this decision on Monday night and stressed that it would remain valid until December 2023 as per previously mentioned Supreme Court ruling, providing reassurance to those who had been hesitant to use the old money.
House of Representatives member-elect Ikenga Ugochinyere praised CBN Governor Godwin Emefiele for adhering to this ruling while simultaneously accusing certain bank chief executives and managers of hoarding the new money for political motives.
He called upon these individuals to be investigated and punished appropriately if found guilty of any wrongdoings towards their customers.
This article was updated 7 months ago
