Despite the Central Bank of Nigeria’s directives to the Nigerian banks to continue to issue and accept old and redesigned Naira banknotes, the scarcity of local currencies has persisted.
REPORTERS AT LARGE observed that banks continued rationing the naira notes to customers in the banking halls while Automated Teller Machines were programmed to dispense limited cash. It was also noted that some of the GTB’s ATMs were rejecting cards, including the ones issued by the bank.
Our correspondent, who visited the ATMs at FCMB, Gate, and Ejigbo, observed that non-bank customers could only withdraw N5,000, while bank customers could withdraw up to N20,000. This was also the case in the GTBanks visited by our correspondents in Ibadan.
When asked by some bank officials why there was no cash for withdrawal, they said the bank had not loaded cash into the machine.
ECO Bank at Gate, Ejigbo, paid non-bank customers up to N10,000, while bank customers could withdraw as much as N20,000.
Operators had linked the cash scarcity, which commenced in recent weeks, to the fear that the banking regulator may ban some old denominations by year-end.
However, to alleviate the fear, the acting Director, Corporate Communications, CBN, Mrs. Sidi Hakama, said in a statement, “Following the order of the Supreme Court on Wednesday, November 29, 2023, granting the prayer of the Minister of Justice and Attorney-General of the Federation to extend the use of old naira banknotes ad infinitum, the CBN has directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from Deposit Money Banks.
“For the avoidance of doubt, the Supreme Court ordered that the old versions of the N200, N500, and N1,000 banknotes shall continue to be legal tender, alongside the re-designed versions.”
Meanwhile, The PUNCH reports that some of the bank spokespersons who would not want to be quoted were told there was no new directive from the CBN to limit cash transactions to customers.
“The scarcity could be due to some cash hoarded that has not been returned to the economy,” a bank source said.
