Nigerian Banks’ Branches Remain Shut As No Rush To Deposit Old Notes Hours To Deadline

…new notes scarcity continues

Bright Olorungbotemi, Osogbo; Endurance, Akure

Ahead of Friday, 10th February, 2023, hours to the deadline when old Naira notes currency would cease to be legal tender, there was no rush to deposit old notes as some banks’ branches remain shut.

Our reporters who visited several banks in Osogbo, the Osun state capital, observed unusual calm at all banks’ premises.

Some branches visited did not open to customers at all because their officials claimed that they did not receive any new notes from the Central Bank of Nigeria (CBN) the previous day; while those that opened at all, closed earlier than the normal 4: 00 pm closing time.

Earlier in the day, one of the tier one banks sent messages to its customers to alert them that the deadline when old N200, N500 and the N1, 000 Naira notes would no longer be legal tender was fast approaching and advised them to deposit such notes in the bank before it was too late.

There was anxiety among members of the public on whether the Central Bank of Nigeria would be allowed to maintain the February 10 deadline or not.

Our correspondents who met customers at various banks’ premises reported that the deadline and the persistent scarcity of the new Naira notes were the dominant topics of discussion.

The scarcity of the new notes persisted, yesterday, as even the Point of Sales (POS) operators who used to be the last resort for most members of the public did not have the much-sought-after currency to dispense.

Recall a week ago, anyone withdrawing N10, 000 of the new notes was made to pay N1, 000. By early this week, the cost of withdrawing N10, 000 moved to N1200 and N5000 for N600 charges.

However, before today Thursday, most POS shops were closed.

They complained that even after spending many hours in queues at Automated Teller Machines (ATMs), they were forced to leave without being able to make any withdrawal.

Almost all the ATMs in over 18 banks’ branches visited by our correspondents were empty, as no money.

Also, correspondent in Akure, Ondo state capital, said most commercial banks shut down their operations over fear of attack from angry and oppress residents following scarcity of new naira notes.

A branch manager who spoke to reporter, on condition of anonymity, said “There is no new naira notes”

A check by correspondent confirmed that banks at Alagbaka, Oba Adesida road, were under lock and recorded large number of customers waiting to get money.

Benedict, a trader while speaking voice Air Media, lament the inability to get money to buy goods for his business.

“Business not moving, many residents were suffering due to lack of cash”, he said.

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