Home Business Banks begins disbursement of old naira notes

Banks begins disbursement of old naira notes


Nigerian banks have started paying customers with old naira notes over the counter and via Automatic Teller Machines (ATM) prompting a sense of relief among many citizens.

Recall that the Central Bank of Nigeria (CBN) issued a directive for banks to fully comply with the Supreme Court’s ruling, which extended the validity of old N200, N500, and N1000 notes until December 31, 2023.

However, many banks could not satisfy their customers due to limited cash in the vault.

It was gathered that some banks in Lagos, including those on Airport Road, Ikotun, Ojota, Ketu, and Ikorodu had no cash available.

Due to the limited cash availability, many banks have restricted over-the-counter payments to N20,000 and allowed only one-time ATM withdrawals of N10,000.

A Zenith Bank customer who identified herself simply as Damilola said.

“At Guaranty Trust Bank the bank’s ATMs dispensed N10,000 old notes for the bank customers while others who do not have a GTB account are given N1,000.”

A Twitter user, with the handle @MaryAkinola, also said:

“I don’t think everything is going back to “normal” anytime soon because the queue at Gtbank this morning is reaching 510 in number and they are only giving 4k old notes via the counter.

“No ATM [is] dispensing! I think this is more than a naira redesign! Why can’t they pay more than 4,000?”



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