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…Give reasons

By Adeola Badru

Customers of a commercial bank in Ibadan, yesterday, rejected the old 500 and 1000 old Naira Notes paid to them over the counter by officials of the banks for the fear of the old notes not being accepted as legal tender.

A staff of the commercial bank in Ibadan who spoke with Vanguard on the condition of anonymity said the customers rejected the old notes at her branch, claiming that the apex bank, Central Bank Of Nigeria, CBN has not given an official statement on the supreme court judgement to Nigerians.

Recall that the Supreme Court judgment on Friday, extended the validity of the Central Bank of Nigeria (CBN) currency redesign policy to December 2023, and as such, some depositors in banks especially in Kano and FCT have started paying out the old notes.

The source said the bank on Monday received from the apex bank the old Naira Notes earlier deposited to the CBN last week which she said, prompted the payment of the old notes over the counter.

She hinted that she also made a personal withdrawal of 30,000 naira, to be used for personal spending, but regretted that she could not use it for transactions as traders and commercial motorcyclists rejected it.

“I also made a withdrawal of 30,000 naira old notes but unfortunately I became stranded when I wanted to pay an okada rider and he rejected it. Since that was the only money I had on me, I was also affected with the scarcity of new naira notes, I had to call someone that brought 500 naira for me to settle the bike man.”

She said though, no official statement from the CBN on the acceptability of the old naira Notes, following the supreme court judgement, there was hope that the situation would get better in a few days to come.