Old naira notes
It was a moment of relief for Abuja residents, following the release of old naira notes by banks.
The silence of the Central Bank of Nigeria (CBN) on the trillions of naira it mopped from the financial system continues to cast doubt on the possibility of achieving sufficient naira circulation in the near term, after Monday night’s directive urging banks to comply with the Supreme Court ruling extending the validity of the old banknotes...
Following the Central Bank of Nigeria’s (CBN) directive to commercial banks to accept and dispense old N1,000, N500 and N200 notes, as legal tenders till December 31, this year, in obedience to the judgment of the Supreme Court on March 3, Delta State Government, yesterday, urged residents of the state to accept the old notes.
Lagos State Governor, Mr Babajide Sanwo-Olu, on Monday, directed residents of the State to go ahead and have transactions with the old Naira notes, saying Lagosians should feel free to use the old notes for commercial purposes.
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.
Some Lagos residents have expressed regrets for collecting the old N500 and N1,000 notes from commercial banks, after the Supreme Court judgment validating it as legal tender till Dec. 31.
Gov. Yahaya Bello of Kogi has threatened to arrest and prosecute those rejecting the old Naira notes.
Ondo State Governor, Oluwarotimi Akeredolu, yesterday, decried continued rejection of old naira notes by traders and business owners in various parts of the state.
Ogun State Governor, Dapo Abiodun, has threatened to shut down commercial banks operating in the state that refuse to accept old Naira notes. The warning is sequel to complaints that commercial banks and some filling stations were rejecting the old Naira notes as legal tender.
Anxiety is building up as commercial banks in Kano are refusing to attend to customers with the old naira notes. Our correspondent gathered that the banks are not issuing the new naira notes to customers in return. The Guardian observed that some branches of financial institutions in the city have already shut down operations against…
Many business operators in the Federal Capital Territory (FCT), have started rejecting the old Naira notes in spite of Supreme Court order temporarily halting the ban on their use.
As Nigerians wait for the much-needed reprieve to the current cash squeeze ahead of Friday’s deadline of the cash swap policy, a meeting between President Muhammadu Buhari and the Nigerian Governors’ Forum (NGF), apparently, scheduled to discuss the sensitive situation failed to hold yesterday.