Naira redesign: CBN silence keeps banks, business owners in confusion

Days after the Supreme Court nullified the Central Bank of Nigeria’s Naira redesign policy, the apex bank has remained silent.

However, checks by Track news show that some commercial banks have started paying their customers old N500 and N1000 naira notes.

Track news went around major banks in the Nation’s capital and learnt that Guarantee Trust Bank Along Ahmadu Bello Way Area 11, Area 3, all in Garki, were paying customers N500 and N1000 notes.

When our correspondent visited the branch, Miss Chioma Okoro, a customer service officer at GTB, confirmed this development to Track news

Mr Ibrahim Dauda, a staff, civil servant and commercial bank customer returning from the bank, said he was paid 10,000 in the denomination of old N500 notes.

“As you can see, I am just stepping out from my bank; they paid me old N500 notes, 10,000 to be precise. The same thing has been done to other customers. I do not know if traders or business owners will collect the money themselves but collecting this is better than nothing.

“The old and new notes are not available. In fact, for weeks, I have been buying Naira at the rate of 20 per cent for each N1000. The situation is terrible. The CBN should order all banks to do the same so that the currency would be readily available for Nigerians. We are tired of the mess called the cashless policy”, he stated.

But other banks said they only collect the old Naira notes from customers who have filled out the CBN’s cash swap form.

A top-tier commercial bank regional manager said the CBN has yet to give a directive on the Supreme Court’s verdict validating the old naira notes.

He revealed that the apex bank would be having a meeting with banks regarding the matter on March 20, 2023.

“Our branches are collecting the old notes from customers with CBN’s cash swap forms, but we are not paying customers with old N500 and N1000 notes, to my knowledge. From the information reaching me, CBN plans to meet with us by March 20”, he stated.

Meanwhile, there is palpable confusion as traders, business owners, and motorists in the nation’s capital have refused to collect the old naira notes.

Mr Idris Adamu, a business owner at Wuse market, said the old N500 and N1000 notes are not accepted.

“Nobody is accepting the old naira notes here. I can tell you this authoritatively. Do you expect us to collect it when banks are not accepting it?” he said.

Also, a taxi driver, Nasir Mohammed, who plies between Kubwa and Wuse Market axis, said drivers are not accepting the old notes.

Amid the confusion, the Central of Nigeria has refused to speak.

Texts, and calls made to the acting Director of Corporate Communication CBN, Dr Isa Abdulmumin, were not replied.

The Supreme Court had ordered the federal government to allow the old notes to coexist till December 31.

For weeks, Nigerians have been enslaved to the scarcity of the Naira. It has deteriorated to the extent that one has to buy the currency. Nigerians pay as high as 20 per cent to get N1000. Commercial Banks have become constant refugee camps crowded with customers needing cash