Naira Scarcity Persist As CBN Yet To Release Old Notes To Commercial Banks

 

The Central Bank of Nigeria (CBN) is yet to release the old N1000 and N500 notes to banks despite asking commercial banks to commence their recirculation.

The Central Bank of Nigeria (CBN) in a statement had on Monday directed commercial banks to issue and to accept the old Naira notes from Nigerians, weeks after it was mopped out of circulation.

It was learnt that traders, artisans, PoS operators, and students, among others, who visited bank branches, said they were disappointed as they could not withdraw the amounts they wanted.

While some said they were only given between N5,000 and N10,000 some few others managed to get N20,000, which indicated that the CBN was not releasing the old notes it had already mopped out of circulation. 

A senior management staff of Guarantee Trust Bank said, “We are not receiving any old cash from the CBN. I have a substantial stock of the old notes and that is what we are recirculating as of today.”

The source explained that most commercial banks had retained the old notes in the days leading up to the February 10 deadline, before the Supreme Court order truncated the initial timeline by the CBN.

“We had that cash with us, and when the CBN became overwhelmed with those rushing to beat the deadline, they also directed them to the commercial banks, so we have that stock too. That is the reserve that we have built up.”

According to Daily Trust, a management staff of Polaris Bank said, “We have not received the old notes largely because we have not finished dispensing our old naira stock.

“The instruction we have is to dispense every note at our disposal. We will get a clear understanding of things when we exhaust what we have.”

SaharaReporters had on Tuesday also found out that commercial banks in Awka, Anambra State capital issued the old N500 and N1,000 notes to customers but only accepted deposits of same from customers who generated CBN code from cyber cafe.

When SaharaReporters visited Access Bank branch located along Enugu-Onitsha Expressway, a staff of the bank in its bulk room said that though they accept deposits of the old Naira notes, the depositor must personally generate CBN code from the cyber cafe.

"We accept the deposits of the old N500 and N1,000 notes if you have the CBN code," the bank staff said. 

When reminded that the CBN in its statement said the banks should generate the required codes for their customers, the staff said, "No, you have to generate the code by yourself or if you have the code already, you can bring it. For now, we still require the CBN code for you to deposit the old notes except if they lift it tomorrow, we can start accepting the deposits directly."

A similar condition applies at the First Bank branch also located along Enugu-Onitsha Expressway of the capital city.