Banks Starts Paying Old Naira Notes To Customers In Abeokuta

Some of the banks operating in Abeokuta, the Ogun state capital have started recirculating the old N500 and N1,000 naira notes, in line with the judgement of the supreme court.

The Apex Court last week had revoked the naira swap policy of the Central Bank of Nigeria (CBN), ordering it to start recirculating the old N500 and N1,000 notes till December 31, 2023.

Some of the banks in parts of the city on Tuesday started paying old N500 and N1,000 notes to customers who managed to gain access into their halls.

The banks complying with the directive include some branches of the First bank, Zenith and Access bank.

Most of the customers told Rockcity FM that the banks paid N5,000 worth of old notes across the counter.

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Most of the banks’ automated teller machine (ATM) were not dispensing both the old and new naira notes.

Officials of the banks told Rockcity FM that the rationing of the naira notes would continue because the old notes that they are paying to customers are being sourced from their vault.

They also said that customers are now only withdrawing from their deposit, instead of making fresh deposits, thereby forcing the banks to depend on the limited naira notes in their vaults.

The banks officials said that amount being paid to customers would increase after banks start getting more supply from their headquarters in Lagos.

Some of the banks’ officials said most of the old naira notes mopped up, following the February 10 deadline issued by the apex bank, have been transferred to the central bank of Nigeria.