in ,

CBN yet to release old notes as banks limit over-the-counter withdrawal to N20,000

Despite announcements of its decision to comply with the order of the Supreme Court, the Central Bank of Nigeria (CBN) has not commenced the disbursement of the old N1000, and N500 notes it mopped out of circulation to commercial banks as the cash crunch is yet to significantly eased.

Customers besieged banks across the country on Tuesday but most of them were left disappointed as they could not withdraw the amount they wanted.

Our correspondent learnt that traders, artisans, PoS operators, and students, among others, who visited banks across the country were only given between N5,000 and N10,000 while a few others managed to get N20,000.


The CBN said Monday in a statement by its spokesman, Isa AbdulMumin, that deposit money banks operating in the country have been directed to comply with the Supreme Court ruling of March 3 which said the old N1,000, N500 and N200 remain legal tender until December 31.

The CBN’s statement came a few hours after a statement from Aso Villa quoting President Muhammadu Buhari as saying he did not direct the CBN and the Attorney-General of the Federation not to comply with the Supreme Court judgement.

A senior management staff of Guarantee Trust Bank told Daily Trust: “We are not receiving any old cash from the CBN. I have a substantial stock of the old notes and that is what we are recirculating as of today.”

The source explained that most commercial banks had retained the old notes in the days leading up to the February 10 deadline, before the Supreme Court order truncated the initial timeline by the CBN.

“We had that cash with us, and when the CBN became overwhelmed with those rushing to beat the deadline, they also directed them to the commercial banks, so we have that stock too. That is the reserve that we have built up.”

Also, a management staff of Polaris Bank who spoke to our reporter on condition of anonymity said, “We have not received the old notes largely because we have not finished dispensing our old naira stock.

“The instruction we have is to dispense every note at our disposal. We will get a clear understanding of things when we exhaust what we have.”


Leave a Reply

Your email address will not be published. Required fields are marked *

What do you think?


Written by Olusesan Oba

Years Of MembershipStory MakerContent Author

Klopp vows to fight dirty against Real Madrid

Fire at Rohingya camps ‘planned sabotage’, Bangladesh panel says