TheNewsGuru

Tag: Old Notes

  • CBN releases more old notes to DMBs, as banks confirm receiving more cash

    CBN releases more old notes to DMBs, as banks confirm receiving more cash

    As the Central Bank of Nigeria (CBN) steps up efforts to flood the economy with more cash after a prolonged cash crunch that has made life difficult for millions of Nigerians and residents, the apex bank has released more old notes to Deposit Money Banks (DMBs).

    The CBN had on Thursday begun the release of billions of naira to DMBs. Bank officials said the CBN again released several billions of naira to lenders on Friday.

    TheNewsGuru.com (TNG) observed how several branches of banks opened over the weekend and dispensed cash to their customers via Automated Teller Machines and over-the-counter.

    Some of the banks had sent out emails to their customers notifying them that they would be open over the weekend for banking operations as ordered by the apex bank.

    Visits to banks’ branches in Lagos, Abuja, Ogun and other states revealed that most banks complied with the order of the CBN and attended to customers both in the banking hall and dispensed cash via ATM.

    Most of the banks’ branches along the Oshodi-Apapa Expressway and Gbagada area of Lagos opened on Saturday and Sunday and subsequently dispensing cash to their customers.

    The Access Bank branch at Sadiku Bus stop along the Oshodi-Apapa Expressway dispensed cash via its ATMS.

    The United Bank for Africa branch at Oshodi, close to the expressway dispensed cash both in the banking hall and at its ATMs. Customers were able to get N20,000 over-the-counter.

    The Access Bank branch next to it allowed its customers to get N20,000 while holders of other banks’’ ATMs got N5,000 only.

    Fidelity Bank branch also at Oshodi expressway paid N20,000 inside the banking hall. Of its three ATMs, only one was dispensing, paying other banks’ customers N5,000 and its customers N20,000.

    Meanwhile, none of the banks were seen dispensing crispy naira notes and customers did not care as long as they got the cash.

    A taxi driver, who identified himself as Baba Taju, said the kind of naira notes didn’t matter as long as he got some to spend.

    “You think that’s important now? What did we do when we couldn’t get any cash? Please any cash is welcome as long as I can spend it,” he said.

    Also, customers in the Federal Capital Territory continued to receive naira notes on Sunday.

    Some crowds of customers were seen at banks’ ATM galleries while others tried to perform over-the-counter transactions.

    Along the airport road, only Guaranty Trust Bank opened for physical operations, Stanbic IBTC loaded its ATMS with cash while Zenith Bank didn’t open for business.

    by TheNewsGuru.com (TNG) also observed that the old N1,000 notes distributed were not crisp ones as officials separated mutilated notes before giving them to customers.

    In Ogun State, findings at Zenith Bank, PremiumTrust Bank, GTB, Unity Bank and Access Bank branches in Redemption Camp along the Lagos-Ibadan Expressway indicated that all the ATMs were fully loaded with cash

    TheNewsGuru.com (TNG) observed that there were no long queues and after the Sunday service, bank customers were allowed to walk in and carry out their normal transactions.

    Also, both old and new naira notes were dispensed.

    Along the Ojodu-Berger axis of Lagos State, our correspondent visited six banks. The banks were Union Bank Plc, Ecobank, Access Bank, GTB, Zenith Bank, and First Bank. All six banks, apart from Guaranty Trust Bank did not open their banking halls to customers. ATMs were also not loaded.

  • Bank should stop issuing old notes to customers – Gov. Adeleke

    Bank should stop issuing old notes to customers – Gov. Adeleke

    Gov. Ademola Adeleke of Osun, has warned commercial banks in the state to stop issuing old naira notes to customers, if they will not accept it back as deposits.

    This is contained in a statement by his spokesperson, Malam Olawale Rasheed, on Monday in Osogbo.

    The governor said that the maltreatment of residents of the state by commercial banks refusing to collect old currency notes, even after paying customers with such notes, is worrisome.

    Adeleke said that he had received many complaints from bank customers, who accused the banks of refusing deposits of old notes as well as the attendant negative consequences on the populace.

    “I have received several calls from Bank customers across the state. The deliberate refusal of banks to collect old notes is creating serious economic complications for residents of the state.

    “For the banks to issue old notes and refuse to accept old notes as deposit is highly unacceptable.

    The governor, however, called on the Central Bank of Nigeria to direct the banks operating in the state to correct the anomalies.

    “The state director of the CBN is specifically requested to direct the banks to halt this unhealthy practice.

    “If banks will not accept old notes as deposits, they must stop issuing old notes for withdrawal. The current pain being inflicted on our people must stop,” he said.

  • CBN has approved use of old Naira notes – Soludo reveals

    CBN has approved use of old Naira notes – Soludo reveals

    Anambra State Governor, Chukwuma Soludo says the Central Bank of Nigeria (CBN) has directed commercial banks to pay out old and new naira notes to customers.

    Soludo, in a statement he personally signed, said Dr. Godwin Emefiele, the CBN Governor, had personally confirmed the development to him in a phone conversation on Sunday night after a Bankers’ Committee meeting.

    The Anambra governor directive was sequel to CBN’s directive to Commercial banks to dispense and to also receive old currency notes as deposits from customers.

    According to him, tellers at the commercial banks are to generate the codes for deposits and there is no limit to the number of times an individual or company can make deposits.

    “The Governor of the CBN gave the directive at a Bankers’ Committee meeting held on Sunday.

    “The CBN Governor, Dr Godwin Emefiele, personally confirmed this development to me during a phone conversation on Sunday night.

    “Residents of Anambra are therefore advised to freely accept and transact their businesses with the old currency notes, including N200; N500; and N1,000w as well as the new notes,” he said.

    Soludo said Anambra residents should report any bank that refuses to accept deposits of the old notes.

    “Anambra State Government will not only report such a bank to the CBN, but will also immediately shut down the defaulting branch,” he said.

  • Ekiti govt to arrest, prosecute traders rejecting old naira notes – Oyebanji

    Ekiti govt to arrest, prosecute traders rejecting old naira notes – Oyebanji

    Gov. Biodun Oyebanji of Ekiti has said the government would arrest and prosecute traders and service providers who reject the old N500 and N1000 denominations.

    In a statement issued by his Special Adviser on Media, Mr. Yinka Olubode, and made available to newsmen on Saturday in Ado-Ekiti, Oyebanji appealed to traders and business owners in the state to stop creating hardship for residents.

    The governor explained that the old N500 and N1000 denominations remained legal tender by virtue of the ruling of the Supreme Court which extended its validity date till Dec., 31.

    Oyebanji said that his office had been inundated with the outcry of the people due to the hardship being faced as a result of the low circulation of the new redesigned Naira notes.

    He said the Supreme Court had by its March 3 ruling, extended the validity date for the old naira notes in a case instituted by some states, including Ekiti.

    Oyebanji said that the refusal of many business owners in the state to accept the old naira notes as means of the transaction was unlawful.

    “This is an appeal to all residents of Ekiti to abide by the ruling of the Supreme Court, which has provided a reprieve for the people by extending the validity date of the old naira notes till Dec., 31.

    “As honourable people, what is expected of us is to abide by the ruling of the apex court and continue to accept the old naira notes as means of transactions and not to inflict further hardship on one another by rejecting it.

    “Government will not hesitate to arrest and prosecute business owners found rejecting the old naira notes,” the statement quoted Oyebanji as saying.

    He, however, assured that his administration will continue to explore avenues to make life more meaningful for the people, as it continues to build a more prosperous state.

    The governor, therefore, appealed to the market women and men, artisans, transporters, filling stations, supermarket owners and school proprietors as well as service providers to remain law abiding and accept the old naira notes.

    He also urged the commercial banks and Central Bank of Nigeria,(CBN) to make the old and new currencies available in their branches and at their Automated Teller Machines (ATM) points in order to ease the stress residents go through to get money for their daily and commercial needs.

  • Kogi government orders arrest of persons rejecting old naira notes

    Kogi government orders arrest of persons rejecting old naira notes

    The Kogi State Government has given ordered security personnel to arrest persons rejecting old naira notes in the state.

    He emphasized that Individuals and businesses rejecting the old notes would be prosecuted accordingly.

    A statement by Commissioner for Information, Kingsley Fanwo congratulated Nigerians on the “historic ruling of the Supreme Court”.

    The apex court last week ruled that both the old and new naira notes remain legal tenders until December 31, 2023.

    Fanwo explained that the Yahaya Bello administration joined other states to pursue the case to ease the hardship occasioned by the unavailability of cash.

    He said it was unacceptable that some persons and businesses continue to reject the old notes, even after the court validated their use.

    “Rejecting the old naira notes is a clear disobedience of the Supreme Court ruling,” the commissioner stressed.

    “Anyone who rejects the old naira notes should be reported to security and government authorities for immediate action. Also, banks that refuse to accept old naira deposits shall be sealed.”

    Fanwo warned that the government will not accommodate financial institutions “that willfully disobey court orders, moreso, the orders of the highest court in Nigeria”.

    “Since the banks are issuing the old naira notes, they are bound to also receive it. We cannot continue to kill our economy after the Supreme Court has granted us freedom.”

    The statement announced the establishment of a high-powered committee to ensure full adherence and compliance to the verdict.

  • Abuja, Lagos banks accept old 500 and 1000 naira notes

    Abuja, Lagos banks accept old 500 and 1000 naira notes

    The banks in Abuja and Lagos are gradually obeying the Supreme Court order to issue old N200, N500 and N1,000 notes.

    Many banks in the city centre and satellite towns have started complying with the order.

    Over the counter, the banks issued cash to their customers ranging from N5,000 to N20,000 depending on the bank.

    While the banks are issuing the old notes across their counters, many Automated Teller Machines (ATMs) are not dispensing cash.

    No bank was ready to give an explanation on the development.

    Traders in Abuja have also started accepting the old notes for transactions.

    TheNewsGuru.com (TNG) reports that following the Supreme Court judgment, which extended the validity of the Central Bank of Nigeria (CBN) currency redesign policy to December 31, some banks across the country have started paying out the old N500 and N1,000 notes to customers.

    Guaranty Trust Bank, Polaris Bank and some other banks were on Monday confirmed to be dispensing the old notes in Abuja and Kano.

    A banker who spoke with Daily Trust was quoted as saying that the directive to begin paying the old notes in their vault was from their management.

    She added, “The problem is that taking the old notes from customers will require the CBN form as we don’t have any directive in that regard.”

    Recall that a seven-member panel of justices presided over by Justice Inyang Okoro, on Friday, held that the directive by President Muhammadu Buhari to the CBN for the redesigning and withdrawal of old notes of N200, N500 and N1,000, without consultation with the states, the Federal Executive Council and the National Council of State and other stakeholders, was unconstitutional.

    The apex court observed that no reasonable notice was given before the implementation of the policy as provided under the CBN Act.

  • Banks are now paying old notes, new notes – CBN

    Banks are now paying old notes, new notes – CBN

    The Central Bank of Nigeria has stated said that commercial banks have started issuing both old and new Naira notes

    The Acting Director of Corporate Communications CBN, Dr. Isa Abdulmumin disclosed this on Tuesday.

    He noted that both old and new notes are now legal tender but the apex bank is yet to issue an official statement.

    He said, “Banks are paying old notes as well as new notes. They are all legal tender.

    “Yes, the CBN has not issued an official statement on the issue. Anyone banks give to you, you can collect. We just want to make life easy for Nigerians.”

     

  • President Buhari urged to adhere to supreme court ruling – Financial expert, Idakolo

    President Buhari urged to adhere to supreme court ruling – Financial expert, Idakolo

    An Economic expert, Gbolade Idakolo has appealed to president Buhari to give directive to the Governor of the Central Bank of Nigeria, Godwin Emefiele, to obey the supreme court’s judgment on the validity of the old naira notes.

    Idakolo made this appeal while granting interview with journalist on an online medium in Lagos, he advised president Buhari to quicklt give the directive to the CBN governor inorder for the old notes to be released into circulation.

    “This is a welcome development; the naira redesign policy has shrunk the economy by over a trillion in business losses. Many SMEs have closed shops due to their direct dealings with cash. The policy increased hardship to the stressed population, and the Supreme Court judgement is a high relief.

    “The pronouncement of the President-elect and his PCC members have already stated that he would reverse the policy. The President should immediately direct the CBN governor to revert to the status quo ante.”

    Also, an economist, Paul Alake, has disclosed that there needs to be more clarity on how the old N500 and N1000 notes return into circulation.

    He stated this on Friday during an Arise television interview in his reaction to the Supreme Court judgement on the validity of old naira notes till 31 December.

    The financial expert wondered how the N2.1 trillion allegedly withdrawn by the Central Bank of Nigeria would be re-circulated.

    According to him,  the judgment would not be impactful if the old notes were not released by the CBN back into the banking system.

    “Here is the question, where is the money? It has been said old and new notes could be spent concurrently. Recall that the Central Bank of Nigeria said N2.1 trillion has been withdrawn from the economy.

    “Would there be a way to enforce that old naira notes are circulated into the economy again? What the court has said is clarity on who will release the old naira notes back into the financial systems.

    “If the money is not released in the financial sector by the Central Bank of Nigeria, the judgement may not have any effect.”

    Nigerians have continued to suffer from the hardship brought upon them by naira scarcity. However, there is hope that the Supreme Court’s decision would restore respite.

  • [Just In] Naira swap: Supreme Court adjourns judgement to March 3

    [Just In] Naira swap: Supreme Court adjourns judgement to March 3

    The Supreme Court has adjourned judgement in the new naira policy suit to March 3, 2023.

    The court, which heard the case on Wednesday, was filled to capacity with a retinue of Senior Advocates of Nigeria and other lawyers.

    The Court had temporarily banned the implementation of the February 10 deadline of the CBN from making the old N200, N500 and N1,000 notes legal tender.

    The Zamfara, Kogi and Kaduna states had instituted the suit against the Federal Government and the CBN.

    Other states, namely Niger, Kano, Ondo, Ekiti, had also applied to be joined in the suit against the CBN and the Federal Government.

    Lagos State, through its Attorney General, Moyosore Onigbanjo, also applied, seeking to be joined in the suit.

    Bayelsa State, led by Damian Dodo, had also applied to be joined in the suit as a respondent. Similarly, Edo State applied to be joined as a respondent.

  • Banks not authorised to accept old N500, N1,000 notes – CBN

    Banks not authorised to accept old N500, N1,000 notes – CBN

    The Central Bank of Nigeria (CBN), has described as false, news going round that it authorised Deposit Money Banks (DMBs) to accept the old N500 and N1,000 banknotes.

    The news that the apex bank authorised DMBs to accept the old notes broke on Friday and went viral.

    According to CBN’s Director, Corporate Communications Department, Mr Osita Nwanisobi, the news is false.

    “The attention of the CBN has been drawn to some fake and unauthorised messages quoting the CBN as having authorised the DMBs to collect the old N500 and N1,000 banknotes.

    “For the avoidance of doubt, and in line with Mr President’s broadcast of Feb. 16, the CBN has been directed to only reissue and recirculate the old N200 banknotes.

    “This is expected to circulate as legal tender for 60 days up to April 10.

    “Members of the public should therefore disregard any message and information not formally released by the CBN on this subject, ” he said.

    He advised media practitioners to verify information from the appropriate sources before publication.