Naira Swap: Commercial banks, filing stations reject old notes
Nigeria Today

Naira Swap: Commercial banks, filing stations reject old notes

…the banks refused to accept the old N1,000, N500 and N200 notes from depositors and point-of-service agents

Many commercial banks and filling stations have stopped collecting the old naira notes from customers.

The development is contrary to the ruling of the Supreme Court restraining the Federal Government from enforcing the February 10 time limit earlier fixed by the apex bank for the currency swap.

Reports indicated that the banks refused to accept the old N1,000, N500 and N200 notes from depositors and point-of-service agents who flooded the bank to lodge their cash.

Point of service operators and other bank customers whose old naira notes were rejected, panicked as bank officials, who said they were acting on the Central Bank of Nigeria’s directive, remained adamant.

As the naira crisis worsened,  the CBN Governor, Godwin Emefiele, again met with President Muhammadu Buhari at the Presidential Villa on Monday.

Emefiele, who had met with the President about six times since the naira crisis started, failed to address correspondents as he reportedly left the villa through a side entrance.

The governments of Kaduna, Kogi and Zamfara states on February 8 secured the order of the apex court extending the deadline beyond last Friday stipulated by the CBN for the use of the old notes.

Supreme Court had earlier directed that the deadline be suspended till Wednesday when the proceedings would continue even as other states had applied to join the suit.

Kindly Leave a Comment