It Is Still Risky To Collect Old Naira Notes From Banks – Bank Official Warn Nigerians

Contrary to the ruling of Supreme Court, an official of an undisclosed bank has warned Nigerians against collecting old N1000 and N500 notes.

The banker said such customers would not be able to deposit the same old notes in banks at the moment until the Central Bank of Nigeria (CBN) orders commercial banks to start paying and receiving the old notes.

Recall that Supreme Court had last week ruled that old notes should remain legal tender till December 31, 2023.

The bank official who confirmed that some banks paid the old naira notes on Monday and Tuesday, however, said some stopped the payment when they noticed it may trigger another crisis as it was not yet authorised by the CBN.

He said that banks will not allow any deposit in the old notes unless the CBN gives further directives, saying those who have generated CBN codes to make deposits earlier would no longer be allowed to make another deposit.

“CBN hasn’t given any directive yet. But commercial banks are partially paying the old notes to customers. Though it is not compulsory for customers to collect the old notes as banks won’t take them back from customers for now.

“As I speak with you, we are still on a one-off deposit once you generate the code from the CBN. So, imagine how they will deposit the cash if they’ve already deposited before,” the bank official said.

On why commercial banks decided to pay the old notes when they know that the CBN has not given the order to do so. The source explained that banks are aware of the lack of cash in the economy, saying most of the officials are not happy seeing their customers under the sun and in the rain waiting for new notes that are not available.

The banker stated that banks decided to pay to ease the issue of people not having cash, adding that “the CBN remains adamant to change the new policy.”