Commercial banks in major cities in Nigeria have started paying out the newly redesigned naira notes to over-the-counter customers.
However, LEADERSHIP checks showed that circulation of the new notes have been slow on the first day of many branches of commercial banks in Lagos state, Abuja among others, were yet to receive the new notes, as at yesterday.
This is despite the assurances given to Nigerians by the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele that the newly redesigned naira notes will be available for disbursement yesterday, However, few bank branches that had the new Naira notes only handed few notes to customers. Similarly, virtually all Automated Teller Machines(ATMs) visited by our correspondents across the Lagos state, were still dispensing the old notes with the exception of those on Lagos Island and Victoria Island.
Staff of some banks that spoke with LEADERSHIP on the mainland in Lagos said, their branches are expected to have the new notes by Monday as they are yet to receive them.
In Ikeja area of Lagos, the new notes were yet to be given over-the-counter and were also not in the ATMs.
LEADERSHIP visited some branches of Sterling Bank, Zenith, Guaranty Trust bank, First Bank, Wema Bank, Fidelity Bank, Access Bank and United Bank in Ikeja axis and none of them had begun dispensing the new notes either over-the-counter or via ATMs.
The same was for banks around Ojota-Ogudu axis of the state. When LEADERSHIP visited Zenith Bank at Ogudu road, some of the customers were seen complaining over the old naira notes given to them, considering the fact that the deadline for circulation of old naira notes is getting closer.
One of the cashiers at Zenith Bank Plc, Ogudu branch, while addressing aggrieved customers, said the branch is yet to get the new naira note, adding that, hopefully, by next week, they would have gotten theirs. The cashier, however, directed some of her customers to visit other branches, who may likely have the new naira notes.
One of the customers, named Mrs. Bisi, said, she came to the bank to deposit her old naira notes and get the new notes, but was disappointed when the cashier said, the branch is yet to get the new naira notes.
“I was disappointed. This is the right time to change to the new naira, because, by next year, the crowd will be so overwhelming due to the deadline. I will also come next week, hopefully, they would have started giving the new note,” she said.
A POS operator, Kayode Ogunwale, said, “I was at three different Banks around Ifako Ijaye LGA in Lagos state today(yesterday), I did not see the new notes. It is like the new notes are few in circulation. But maybe from next week, it will be available.”
Similarly ATM and banks within and around Tejuosho, Yaba and Ojuelegba area are still dispensing the old notes. Responding to why, one of the security men manning ATM points around Tejuosho market said, the few new notes available have already been dispensed, noting that, ‘by Friday or Saturdays, I am sure you can get the new notes by then.’
However, at a head office of a Bank on Lagos Island, the ATM machine dispensed the new notes. A customer who wants to be anonymous said: ‘I received the new notes through the ATM machine.’
Last week, whilst visiting President Muhammadu Buhari, CBN governor, Godwin Emefiele had assured that the new notes had been disbursed to the banks and they are expected to start dispensing to their customers. Last week’s Thursday, Emefiele had said: “only yesterday, the new currency has now reached the banks and we expect that the banks will now begin to distribute those currencies to their customers.”
Noting that the apex bank is more than prepared for the transition from the old notes to the new notes within the stipulated period, he stated that, “I said December 15 when we announced it. We said that will be when we issue the cash but we have to move it forward as the president unveiled it on November 26 and yesterday the banks have received the new cash and will start dispensing them.
“I can assure everyone that it will go round but let us be calm and be patient. Luckily the old currency continues to be legal tender until January 31 2023. both the painted and unpainted will be legal tender and by January 31 unpainted ones will not be useful to you.”
Bank customers had been told to deposit the old notes into thier bank accounts. However, contrary to previous methods of exchanging the old notes for the new notes, banks are not expected to make exchanges but only make over the counter payment of the new notes when customers are making withdrawals from their account.
Recall that CBN governor, Godwin Emefiele had on October 26, 2022 said the apex bank will issue redesigned N200, N500, and N1,000 notes, effective December 15, 2022, while the new and existing currencies will remain legal tender and circulate together until January 31, 2023.
President Muhammadu Buhari subsequently unveiled the newly designed notes on Wednesday, November 23, 2022.
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