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Bank Customers Report Issues After Accepting Old Currency Notes from Banks

Bank Customers Report Issues After Accepting Old Currency Notes from Banks

Nigerian bank customers have expressed regret after collecting old N500 and N1,000 notes from commercial banks following the Supreme Court ruling that they remain legal tender until December 31. In separate interviews with the NAN, they shared their difficulties in spending the two denominated notes as Nigerians were not accepting them for their daily transactions. Furthermore, they were surprised to find that two days after the judgment, banks were paying out between N5,000 and N10,000 per customer, compared with the N3,000 and N5,000 dispensed from ATMs during the cash swap period.

Matthew Aburime, a student of Lagos State Polytechnic, Ikorodu, expressed his disappointment in being unable to spend the money he collected from a bank. He urged President Muhammadu Buhari or the Central Bank Governor to make a pronouncement on whether to accept the old notes or not, as their silence was causing people to lose more money. Daniel Okpulonu, a trader, also shared the same regret, noting that when he realized the old notes were not legal tender, a bank official had announced that they would not be accepted for deposits.

Brian Achilefu, a Clergyman, blamed the situation on the inability of many banks to dispense the old notes after the Supreme Court ruling. He argued that the CBN should obey the court ruling and do as it ordered so that people and everything can go back to normal. Meanwhile, Mrs Abimbola Alli, a trader at Jakande Estate Market, Okeafa, said she only accepts new notes. She recounted how she had taken the few old notes she accepted from her customers to the bank but was turned back.

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