Banker warns: Collecting old naira notes from banks risky

Information reaching us shows that customers who are accepting old N1000 and N500 notes from their banks are doing so on their own. As it stands 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 despite the Supreme court ruling. Following the ruling of the Supreme Court last week that the old notes should remain legal tender till December 31, 2023, some commercial banks have started paying customers with the old naira notes. According to sources, a bank official who want to be annonymous, confirmed to DAILY POST that some banks paid the old naira notes on Monday and Tuesday. Meanwhile some banks stopped the payment when they noticed it may cause problem as it was not yet authorised by the CBN. Local banks will not allow any deposit in the old notes unless the CBN gives further directives, for those who had generated CBN codes to make deposits earlier would no longer be allowed to make another deposit according to bank official. “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 said. Commercial banks have decided to pay the old notes to the masses when they know the CBN has not given the order to do so, because banks are aware of the lack of cash in the economy that is causing people hardship, saying 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, adding that “the CBN remains adamant to change the new policy. You May Also Like: 61 killed as deadly infection spreads in Kano In the meantime Nigerians have told Muhammadu Buhari to obey the order of the Supreme Court to allow the old notes to co-exist with the new ones.