New naira pains persist despite fresh CBN orders

Barely three days after the Central Bank of Nigeria declared old N1,000, N500 and N200 notes as legal tender, Deposit Money Banks say they are beginning to run out of the old currencies.

The development led to severe hardship and pains for several bank customers  seeking to withdraw funds on Wednesday.

The CBN had on Monday directed banks to pay out and accept the old notes from their customers.

This cameĀ  after the President, Major General Muhammadu Buhari, said he did not stop the CBN and the Attorney General of the Federation Office from complying with the Supreme Court judgement ordering that old naira notes should remain legal tender till December 31, 2023.

However, commercial banks which began the disbursements of old N1,000, N500 and N200 notes to their customers on Tuesday told journalists on Wednesday that had started running out of the old currencies.

This  made several bank customers to become stranded in banking halls as well as  in major cities and towns.

While some bank officials said their stocks of old notes were beginning to run low, others said they had exhausted the old currencies in their vaults.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

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