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Friday, June 2, 2023

Naira Swap: Banks pay old notes

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A few commercial banks in Ibadan, the Oyo State capital on Tuesday paid customers old N500 and N1,000 notes respectively.

The development gave a kind of relief to many customers who rushed to the banks to queue up for cash withdrawals.

The Nation report claimed that particularly Access Bank around Bodija, Ibadan paid with old naira notes.

Sources also confirmed banks paid between N10,000 and N20,000 as against N2,000 per customer in the past weeks but most bank ATMs were not functional.

However, some business owners, traders and particularly filling stations in some places visited rejected the old notes.

In separate chats with The Nation, those who rejected the notes expressed fear and uncertainty owing to what they described as the silence of the Central Bank of Nigeria(CBN) on the recent Supreme Court ruling.

Many business owners who accepted the old notes exchange them for lower values.

Some of the sources said until they hear from the CBN, they may not accept the old notes.

Supreme Court had March 3, 2023 ordered the Central Bank of Nigeria (CBN) to pay old notes side by side with the new notes till December 31, 2023, a development to which the apex bank and the Federal Government are yet to respond.



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