Tag: Naira notes

The Central Bank of Nigeria (CBN), has ordered commercial banks to open at the weekend and also confirmed the evacuation of banknotes from its vaults to them.

According to a statement issued by Dr Isa AbdulMumin, the Acting Director, Corporate Communications of the CBN, the belated measures were part of a coordinated effort to ease the circulation of banknotes of various denominations.

AbdulMumin said that the CBN has asked commercial banks to open for operation on Saturdays and Sundays to meet their customers’ demand.

He said that the CBN Governor, Mr Godwin Emefiele would personally monitor compliance of the commercial banks to the directive.

According to him, a substantial amount of money in various denominations had been received by the banks for onward circulation to their customers.

“The CBN has also directed all banks to load their Automated Teller Machines (ATMs) as well as conduct physical operations in the banking halls through the weekends.

“Branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs,” he said.

He urged Nigerians to exercise patience as the current situation would soon ease off with the injection of more banknotes into circulation.

The CBN moves came as the Nigeria Labour Congress(NLC) threatened to begin the picketing of CBN offices nationwide. The picketing is scheduled to begin Monday.

The Central Bank of Nigeria (CBN) declared on Monday said the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till Dec. 31, 2023.

It said in a statement issued by its Acting Director, Corporate Communications, Alhaji lsa AbdulMumin that the decision was reached at a meeting of the Bankers Committee.

“In compliance with established tradition of obedience to court orders the CBN as a regulator and Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3.

“Accordingly, the CBN met with the Bankers Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till Dec. 31, 2023.

“Consequently, all concerned are directed to conform accordingly,’’ the CBN stated.

The announcement was an anti-climax.

It came 10 days after the Supreme Court made the order, amid reports that governors were making orders that the old notes remain legal tender.

It also came after President Buhari denied making the Attorney-General of the Federation and the CBN disobey the Supreme Court.

Commercial banks in Abuja on Wednesday issued the old Naira notes to customers, but the silence of the Central Bank of Nigeria has made holders of the notes nervous.

Some traders are reportedly rejecting the old notes, claiming they are awaiting CBN’s formal statement.

Mr Ifeanyi Udenna who collected the old N1,000 notes from First Bank, said he accepted the old notes because it was issued to him by a commercial bank.

”I believe that because the money is coming from a commercial bank, the information will be authentic.

”Although we have not heard any information from the Central Bank of Nigeria (CBN) about the old notes, the banks cannot be acting on their own,” he said.

Another customer, Mrs Eugenia Atah, said that although she collected the old notes from her bank, traders were rejecting the notes.

”I collected N20,000 of the old N1,000 notes from my bank but when I went to the market, they refused to collect it.

”I also went to a restaurant to have lunch but the woman in charge rejected it.

”This is frustrating because I thought that the issuance of the old notes will reduce our suffering,” she said.

Another customer, Mr Chris Idoko appealed to the CBN to make their stand known to the public on the old naira notes.

”I went to my bank and they were giving customers old notes but I refused to collect because people have not started spending it.

”Nobody collects these old notes in the market,” he said.

The CBN led by Godwin Emefiele is yet to respond formally to the apex court judgment on the old notes.

The apex court had nullified the ban on use of the old N200, N500 and N1,000 banknotes, saying the notes will remain legal tender until Dec. 31.