Naira Scarcity: Banks, TMs dispense old naira notes to customers

Following the directive of the Central Bank of Nigeria, commercial banks in different parts of Ibadan now give out and accept old naira notes from customers.

On a visit to commercial banks including, First bank, UBA, Access bank, Union bank, FCMB, Ecobank, Sterling Bank, Polaris bank, Stanbic Bank and Gtbank, the banks were all paying out old naira notes to customers.

Though there are still large crowds at banks, many commercial banks were seen paying out old naira notes to customers except Fidelity bank, which claims it couldn’t pay out money because old naira notes are no longer available in the bank.

During the visits to the banks, Automatic Teller Machines, ATMs of Gtbank and Stanbic, and Ringroad branch were seen dispensing cash to customers.

While Stanbic bank ATM was dispensing a sum of #20,000 for customers with Stanbic ATM cards, customers with other banks’ ATM cards were allowed to withdraw #10,000.

In an interview with an Ecobank customer, Mrs Abibat Shittu stated that she received a sum of #20,000 old naira note and has been orientated to spend and accept it as long as it remains legal till 31st December.

In a chat with a Polaris bank staff who pleaded anonymity disclosed that the bank is accepting old naira notes from customers but such customers would have to come with a code generated from the CBN application.

Also, Nigerian Tribune’s visits to shopping malls such as Foodco, revealed that the mall has started accepting the old naira notes while some traders now accept the old notes others reject them.

In an interview with a plantain seller at Challenge market, Ibadan, Mrs Funmi Olaiya explained that she started accepting the notes after she couldn’t make sales because customers patronizing her only have old naira notes on them.