Relief As More Banks Disburse Old, New Naira Notes In Abuja

Many Abuja residents are starting to find some relief from the horrors of naira notes shortage.

The residents are beginning to heave a sigh of relief as more commercial banks began disbursing old and new naira notes in line with the directives of the Central Bank of Nigeria (CBN).

A visit to some banks on Wednesday showed there were shorter queues at ATMs and banking halls as they took delivery of cash supplies from the apex bank.

At Access Bank Kubwa, customers were paid up to N10,000 and above as against N2,000 that they got at the peak of the cash squeeze weeks ago.

The same scenario played out at UBA in the Central Business District where customers queued up to get cash.

Fidelity Bank in the Central Business District attended to customers’ cash needs both at the ATMs and banking halls.

A staff member said: “We’ve taken a fresh supply of notes from the CBN. Ours is to disburse according to the CBN rules. Hopefully, from next week, things should be softer”.

Many customers with the old naira notes were also at liberty to deposit them in their accounts without hassles.

On Monday, the CBN declared that the old N200, N500, and N1,000 remain legal tender till December 31.

The Acting Director Corporate Communications Department, Dr Isa Abdulmumin, said the move was “in compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterised the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN).

“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023. 

Consequently, all concerned are directed to conform accordingly”. 

The move came as a source of relief to Nigerians who faced terrible cash crunch occasioned by the naira redesign policy.