Connect with us

Banks Start Dispensing N500, N1000 Notes After CBN Directive


Published By

Banks Start Dispensing N500, N1000 Notes After CBN Directive

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.

Here Is The Easy Money-Making Trick Everyone Is Talking About! Learn More Here!

Continue Reading
Join The Conversation

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.



Entertainment1 hour ago

Funke Akindele advises her followers to never change

Celebrating  the atmosphere of a new Month, Nollywood actress  queen Funke Akindele shared a stirring message with her followers on...

Entertainment2 hours ago

Ifeoma Ivy, Paul’s Okoye’s Girlfriend Blow Hot on internet users

Ifeoma Ivy, a model and Paul Okoye’s girlfriend, has taken offence at those who have congratulated her on her alleged...

Entertainment2 hours ago

Portable releases official statement after his arrest

Controversial Street Singer, Habeeb Okikiola also known as Portable has released his official statement concerning his arrest. According to the...

Entertainment4 hours ago

‘Timeless’, Davido’s new Album breaks more records

With his new album, Nigerian musician David Adeleke, also known as Davido, has smashed records. To claim the honour of...

Entertainment4 hours ago

Charly Boy reveals how God cured his Prostrate cancer

Legendary Nigerian entertainer Chukwuemeka Oputa, well known by his stage as Charly Boy, has opened up about overcoming prostrate cancer....

Entertainment7 hours ago

BBnaija star, Nengi warns critics from asking her questions about her relationship

Nengi, a BBNaija star, has begged internet users to refrain from asking her about her upcoming engagement to Ozo. It...

Entertainment7 hours ago

Jaruma-“I charge #1m for a face-to-face consultation”

A controversial aphrodisiac seller named Hauwa Mohammed, popularly known as Jaruma, has acknowledged that she charges N1 million for one-on-one...