Naira Crisis: ATMs Dispense Old Notes, As Banks Reject Old Notes Deposit

*Direct Customers To Follow CBN Guidelines For Deposit

Barely 10 days after the Supreme Court ordered that old Naira notes should remain in circulation, Nigerians are facing challenges of depositing money collected from Automated Teller Machines (ATMs) as banks have continued to reject collection of deposits from customers, directing customers to follow Central Bank of Nigeria (CBN’s) guidelines set for deposit of old notes.

This is even as stakeholders lamented over failure of banks electronic platform system due to congestion.

Findings revealed that Polaris Bank and First Bank and others had started to pay old N1,000 and N500 notes to their customers.

This came about three days after Guaranty Trust Bank Plc, Zenith Bank Plc and Sterling Bank started dispensing old N1,000 and N500 notes to their customers.

Meanwhile, many customers were shocked after some Deposit Money Banks that dispensed the old Naira notes declared that they would not accept the old notes from their customers.

Many of the banks gave their customers conditions to be fulfilled before they would allow the old notes to be deposited in the DMBs by their clients.

This created confusion among customers, who also complained that the old notes were being rejected by traders, filling stations, transporters and other businesses in the capital city.

Customers who formed massive queues in front of several banks, expressed surprise that the banks were paying old notes and were at the same time rejecting the old notes when one attempted to deposit it.

“They are asking us to go and generate online codes from the Central Bank of Nigeria before we can deposit the same old notes that they dispensed to us,” a Bank customer in lagos, who simply identified herself as Opeyemi, stated.

Also Stakeholders have expressed worry concerning the silence of the Federal government and Central Bank of Nigeria (CBN) about grounding of the economy following rejection of old notes for business transactions.

The controversy culminated in a Supreme Court ruling March 3, 2023, which validated the use of old naira notes till December 31 2023.

However the Supreme Court order has not resolved the issue, as many Nigerians are still unwilling to accept the old notes, saying they need to hear from President Muhammadu Buhari or from the Central Bank of Nigeria (CBN).

The rejection has left some Nigerians stranded, generating confusion among Nigerians, with many calling on the Federal government to provide clarity on the Supreme Court ruling.

Also some state governments have threatened to sanction anyone who rejects the old notes for business transactions, while others are urging the Central Bank of Nigeria (CBN) and Federal government to make official statement on the matter.