By 
Naira Notes: Deposit Money Banks claim that they are starting to run out of the old currency just three days after the Central Bank of Nigeria declared that old N1,000, N500, and N200 notes were legal money.
When several bank customers tried to withdraw money on Wednesday, the development caused them great stress and suffering.
On Monday, the CBN instructed banks to pay out and accept old money from its clients.
This came after the President, Major General Muhammadu Buhari, declared that he would not prevent the Central Bank of Nigeria (CBN) and the Office of the Attorney General of the Federation from adhering to the Supreme Court ruling dictating that old naira notes should continue to be valid until December 31, 2023.
Commercial banks, however, reported on Wednesday that they had begun to run out of the old N1,000, N500, and N200 Naira notes after starting to distribute them to their customers on Tuesday.
Some bank customers were left stuck as a result, both in banking areas and in large cities and towns.
Some bank officials said that they were starting to run low on old bills, while others claimed that they had used up all of the old naira notes they had stored in their vaults.
This occurred in the midst of a severe shortage of fresh notes, which caused lengthy lines in banking areas and ATM galleries in numerous cities and towns.
The CBN, which has remained silent on whether it will reissue more old notes into circulation, is reportedly opposed to doing so because it is determined to see the cashless policy project through to its logical conclusion.
On Wednesday, a number of individuals close to the CBN informed a correspondent that the central bank would delay releasing the old notes it is holding to banks since doing so might equate to undoing the “progress” it has made on the cashless program.
The CBN did not produce enough new naira notes, and it does not want to return the old ones it has gathered because it is still pursuing its cashless policy, according to a senior bank executive who spoke on the record.
The CBN may decide not to return the old naira notes to banks because doing so would mean changing its cashless policy, according to a high-ranking industry executive close to the central bank.
The CBN has not yet formally informed banks about whether or not it will return old notes to them, according to the managing director of a tier-2 bank.
We don’t know whether the CBN has destroyed the old notes in its possession or not, he said. We are unsure of when it will release as well at this time. We don’t know whether the CBN has destroyed the old notes in its possession or not, he said. The truth is that banks don’t have many of these old naira notes in their vaults at the moment, however, we don’t yet know if they will release the old notes to banks once more. Regrettably, people are not making large deposits once more.
This occurred in the midst of a severe shortage of fresh notes, which caused lengthy lines in banking areas and ATM galleries in numerous cities and towns.
The CBN, which has remained silent on whether it will reissue more old notes into circulation, is reportedly opposed to doing so because it is determined to see the cashless policy project through to its logical conclusion.
On Wednesday, a number of individuals close to the CBN informed a correspondent that the central bank would delay releasing the old notes it is holding to banks since doing so might equate to undoing the “progress” it has made on the cashless program.
The CBN did not produce enough new notes, and it does not want to return the old ones it has gathered because it is still pursuing its cashless policy, according to a senior bank executive who spoke on the record.
The CBN may decide not to return the old naira notes to banks because doing so would mean changing its cashless policy, according to a high-ranking industry executive close to the central bank.
The CBN has not yet formally informed banks about whether or not it will return old notes to them, according to the managing director of a tier-2 bank.
We don’t know whether the CBN has destroyed the old notes in its possession or not, he said. We are unsure of when it will release as well at this time.
