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Banks issuing old notes but refusing to take them back – Nigerians Lament

Some residents in Lagos resident have regretted collecting the old N500 and N1,000 notes from commercial banks.Information Guide Nigeria

Recall that some residents collected old notes from banks after the Supreme Court judgement validating them as legal tender till December 3, 2023.


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Speaking to journalists in separate interviews, they revealed that spending the two old notes had been challenging.

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According to PEOPLES GAZETTE, residents also said it was surprising that banks started paying between N5,000 and N10,000 per customer two days after the judgement, compared with N3,000 and N5,000 dispensed from their Automated Teller Machines (ATMs) during the cash swap period.NYSC Portal

Abimbola Alli, a trader at Jakande Estate Market, Okeafa, lamenting to journalist said, “When I could not deposit it in my bank, and Okada riders also refused to accept it, I decided not to accept it anymore.”

A student of Lagos State Polytechnic, Ikorodu, Matthew Aburime, expressed disappointment that he had been unable to spend the N10,000 he collected from a bank.

He said, “As we speak, the money is still with me. I’ve not been able to spend it; the first rejection was from a commercial bus driver.”

He called on the president or the Central Bank governor, Godwin Emefiele, to make a pronouncement on whether to accept it or not.

Another resident, Daniel Okpulonu, a trader said, “When I realised that these old notes that I was receiving from my bank were not legal tender was when a bank official announced that people who had received the old notes should not bother bringing it back to deposit, as it would not be acceptable.

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“As we speak, I am still going about with the money, looking for where to spend it. All to no avail,” he stated.

PEOPLES GAZETTE reports that Brian Achilefu, a clergy, said, “The CBN should obey the court ruling and do as it ordered so that people and everything can go back to normal.”JAMB Result

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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