March 17, 2023

Cash circulation improves, as new bank notes dry up

Relief for Nigerians as banks dispense, accept old Naira notes

By Yinka Kolawole, with agency report

Though normalcy seems to be gradual in coming, currency circulation has improved in major cities across Nigeria following the third day full implementation of the Supreme Court ruling on the legal tender status of old Naira banknote.

Vanguard findings reveal that banks have started simultaneous dispensing of the old banknotes over-counters and through the Automated Teller Machines, ATMs.

Also the old banknotes are now ell accepted by most traders and services providers just as banks are now accepting them.

However, the banks appear to have run out of new Naira notes as both the ATMs and the banking halls visited by Vanguard show that only old banknotes were available.

A staff of one of the banks in Lagos Island told Vanguard that most banks, including her own, have not received supply of the new banknotes since this week.   

Also our findings reveal that the banks are still implementing cash withdrawal limits subject to a maximum of N10,000 per customer per day.

But some banks at the time of visit were not dispensing the currency notes due to lack of cash. A security personnel at one of the banks said the cash available had been exhausted earlier before the visit.

Meanwhile, in markets visited traders were seen accepting the old naira banknotes.

A businessman who had collected the old notes from a bank ATM on Lagos Island, said he bought petrol with the money and it was accepted. Motorists and traders in the vicinity also accepted the old currency notes.