The order of the the Central Bank of Nigeria (CBN) to Money Deposit Banks (MDBs) to pay out and collect old N500 and N1,000 notes to customers enjoyed compliance in many states of the federation on Thursday.
The CBN, had, in a statement on Monday night, said, “in compliance with the established tradition of obedience to court orders and sustenance of the rule of law principle that characterised the government of President Muhammadu Buhari and, by extension, the operation of CBN, as regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.
Findings by our correspondents, who monitored banking services in various states, indicated reasonable level of compliance with the CBN directive as commercial banks paid their customers with old and new naira notes.
Ogun
Following the directive of the CBN that the old N500 and N1,000 naira notes remain legal tender till December 31, commercial banks in Abeokuta, the Ogun State capital, have commenced payment of the currency denominations to its customers.
A visit by the Nigerian Tribune to some banks located at Oke-Ilewo area of Abeokuta showed that old naira notes were being dispensed through the Automated Teller Machines (ATMs) as withdrawals as high as N20,000.
A Point on Sale (POS) operator who identified herself as Miss Favour Okafor, said the untold hardship Nigerians battled with in the past two months would soon be over with the old naira notes finding their way back into circulation.
Bauchi
In Bauchi, commercial banks have commenced the disbursement of both the new and old naira notes simultaneously to their customers in line with the directive of the CBN.
At some of the banks visited, anxious customers were seen waiting for their turn for entry into the banking hall to be able to make transactions.
At one of the banks, customers were spotted queueing to make withdrawals from the two ATM points that were dispensing cash, while those who have business going inside the banking hall also gained entry.
Sokoto
Also in Sokoto, our correspondent, who monitored the development, gathered that some of the banks in possession of old notes in the metropolis have started dispensing same, while others await the CBN for onward delivery.
While some of the commercial banks, including Unity bank, GTB, UBA, among others, were dispensing the old notes to customers, the story was not the same at Zenith Bank, Emir Yahya branch, as customers were stranded over non-availability of cash.
Edo
In Benin, capital of Edo State, virually all the commercial banks were paying old notes from the counter with the maximum of N20,000 each to their customer.
Speaking to our correspondent, a banker with the United Bank for Africa (UBA), who pleaded anonymity, said UBA branches across the state have complied with the Federal Government and CBN’s directives.
He disclosed that, UBA as a deposit bank, had started receiving the old notes from customers, particularly in compliance with the Supreme Court ruling.
Oyo
In Ibadan, the Oyo State capital, banks, in compliance with the directive of the CBN, banks issued the old N500 and N1000 notes to their customers.
The notes were issued out both over the counter and through the ATM. Against the fears expressed before Monday’s directive by the apex bank, Nigerians were no longer hesitant to withdraw and receive the old naira notes on Tuesday.
At some banks visited by the Nigerian Tribune, customers operating savings account were able to withdraw up to N20,000, while the maximum cash dispensed at ATM galleries did not exceed N10,000.
A visit by the Nigerian Tribune to some shopping malls, revealed that they have started accepting the old naira notes, while some traders in major markets are also receiving the old notes for business transactions.
Beside, the Olubadan of Ibadanland, Oba Lekan Balogun, has commended the Federal Government for complying with the Supreme Court judgement on naira redesigned policy, saying the development is in the best interest of the poor masses.
In a statement made available to journalists in Ibadan by his Personal Assistant (Media), Oladele Ogunsola, the monarch said the compliance by the CBN will go a long way to douse tension occasioned by cash crunch.
Ondo
In Akure, capital of Ondo State, there was partial compliance with the directive of the CBN over the validity of old naira notes, as some banks commenced the payment of N500 and N1,000 denominations to their customers.
Nigerian Tribune noticed that people besieged banks in Alagbaka, while customers were issued old notes, most of the banks ATMs were not dispensing cash.
A customer, who spoke with our correspondent, said “most of the banks are paying N200, N500 and N1,000 notes, but said the naira notes are not sufficient. I can confirm that they are paying out N500 and N1,000 to customers today. We hope this will bring relief to us.
Abuja
In the Federal Capital Territory (FCT), Abuja, Deposit Money Banks (DMBs) collected the old N200, N500 and N1,000 notes from depositors in compliance with the CBN. directive.
Nigerian Tribune checks in some of the commercial banks in the Central Business District, on Tuesday revealed that all the banks visited paid their customers with the old naira notes.
Also, some customers were seen depositing the old currencies in their banks’ accounts.
Kano
Also, in Kano, large number of customers besieged various commercial banks in the city to withdraw and deposit N500 and N1,000 notes.
A visit to some banks, especially along Bank road, where there were more concentration of commercial banks in the state, indicated that the financial institutions were given out money in all denominations to their customers.
Zamfara
Governor Bello Matawalle of Zamfara State has described the recent Supreme Court verdict on old currency notes and subsequent compliance by the CBN as a victory for all Nigerians.
This was contained in a statement issued by his Special Adviser on media and communication, Zailani Bappa and made available to journalists on Tuesday.
According to the statement, “Matawalle believes that the court procedure, which culminated into the reversal of the earlier CBN’s rash implementation of the cashless policy is for the good of the nation’s micro-economy and the wellbeing of the common man.
Delta
In Delta State, people are already heaving a sigh of relief as banks commenced dispensation of old N500 and N1,000 notes, not only through the ATM machines, but across the counter in Warri South Local Government Area of the state.
Checks at First Bank, United Bank for Africa (UBA), Heritage Bank and Sterling Bank, on Tuesday afternoon along Warri-Sapele road, indicated payment of the old naira notes over the counters.
Speaking with our correspondent, Mr. Oghenekobiruo, who was waiting for his turn to withdraw, said “though the suffering of the past weeks due to the Naira policy was unbearable, we are happy that this hardship is finally coming to an end.
Another customer, who spoke to the Nigerian Tribune under the condition of anonymity, said “though it took a long time for the Supreme Court to deliver its judgment that the old notes remain valid till December 31, I am still happy that the governor of CBN complied.”
Abia
Banks in Abia, on Tuesday started disbursing old naira notes, even as some commercial ventures and individuals still reject same.
In Aba, the First Bank, along Aba/Owerri Road and Access Bank at Faulks Road, among others opened for business and paid their customers with old naira notes.
In Umuahia, many banks, including FCMB, UBA, Union Bank, and others paid their customers with the old notes.
Rivers
In Port Harcourt, the capital of Rivers State, branches of commercial banks also complied with the directive of the CBN on the payment of old N500 and N1,000 notes to their customers.
However, the payment was still being rationed according to the discretion of officials of the various banks. Moreover, none of the banks was paying the new notes along with the old.
Nigerian Tribune checks along the Mile 1, Diobu, Port Harcourt area, where there are cluster of banks, revealed that First Bank was paying a maximum of N20,000 to each customer, while Union Bank paid maximum of N5,000. FCMB refused to disclose its limits, but only said it was paying the old notes.
Speaking to our correspondent, an operation officer in one of the banks, who declined to disclose her identity, said that rationing the cash among customers was the only option “we do not have enough cash to go round the customers,” she said.
Ekiti
However, in Ekiti State, there were huge number of customers, who thronged the financial institutions apparently to withdraw money from their account following the Monday’s nights directive of the CBN on old naira notes.
Nigerian Tribune, however observed that the ATM points were deserted as they were not dispensing cash to customers.
At a popular bank in Ado-Ekiti, one of the officials announced publicly to customers waiting at the entrance to return home if they came to withdraw money.
It was learnt that the bulk of the old N200, N500 and N1,000 notes were not readily available at the banks vault.
A staff of one of the banks told Nigerian Tribune that they are still expecting the old notes to be returned to the banks from the CBN explaining that it would take few days for customers to have access to the old notes through ATM or over the counter.
Niger
It was mixed feelings for many customers at the branches of some commercial banks in Minna, Niger State capital on Tuesday as they thronged the financial institutions to make cash withdrawals or either deposited monies in their possessions.
While many people were able to make withdrawals, others were not so lucky as some of the ATM galleries at the First Bankl, GTB, FCMB, Union Bank and UBA were not dispensing cash to customers.
Osun
Hopes of many residents of Osun state got dashed at various banks in the state on Tuesday as they went back to their different homes dejectedly following the disappointment experienced from financial institutions, which refused to collect old naira notes from them as directed by the apex bank in the country.
Nigerian Tribune investigation revealed that old notes of N500 and N1,000 were loaded in the banks’ ATMs, where customers withdraw cash but, old notes brought by customers into their banking halls were not collected in some banks.
Meanwhile,residents of the state are now using the old notes to transact businesse in compliance with the directive of the court.
Speaking with our correspondent, one of the food vendors, who identified herself as Mummy Bose at Odi- olowo area of Osogbo, said we have started collecting old naira notes from our customers since the concerned authorities had declared it to be legal tender.
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