Lagos residents have expressed outrage after discovering that banks are issuing old N500 and N1000 notes, with no option for them to deposit these notes once more.
Despite a Supreme Court ruling in March allowing the exchange of old notes until 31st December of this year, people are unable to spend the money they collected from banks.
Commercial bus drivers, traders and even other banks are refusing to accept them.
People had collected between N5,000 and N10,000 two days after the judgement compared with the amount they were receiving during the cash swap period.
Matthew Aburime, a student of Lagos State Polytechnic, said he had been unable to spend the N10,000 he collected from a bank whilst Daniel Okpulonu claimed commercial banks were warning customers against returning their old notes.
Brian Achilefu who is a clergyman has urged President Muhammadu Buhari or Central Bank governor Godwin Emefiele to make an announcement on whether or not these will be accepted whilst Abimbola Alli has stated she only accepts new notes from customers.
Article updated 1 week ago. Content is written and modified by multiple authors.
