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Confusion As Bank Customer Rejects Old Notes After He Is Told Procedures Involved In Returning Them (Video)




We Are Waiting For Buhari, CBN To Speak On Old N500, N1,000 Notes - Traders Lament

A video has shown the moment a bank customer rejected the old naira notes offered by a commercial bank due to the constraints involved in returning them.

Naija News recalls that the Supreme Court had extended the validity of all old notes till December 31, 2023.

Some banks have subsequently began paying their customers with old notes.

However, a bank customer told Vanguard that he refused to collect the notes after he was told the regulations involved in returning them.

According to the bank customer identified simply as Ola, individuals with old notes have to register with the Central Bank of Nigeria before they can be returned to Banks.

Watch the video below,


Meanwhile, the apex bank has not issued any circular instructing banks to comply with the Supreme Court judgment.

We Are Waiting For Buhari To Speak Before Collecting Old Notes – Traders

In related news, a cross-section of traders have insisted they would wait for a direct directive from President Muhammadu Buhari before accepting and spending the old N500 and N1,000 notes.

Speaking with newsmen in Lagos State, the traders said the assurance from the President or the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele would convince them to start using/accepting the notes.

Similarly, a baker located at Ili-ewe, Ikotun Egbe, Mrs Paulina Akuneme, expressed her unreadiness to accept the old notes. She argued that the CBN should have printed more new notes.

Naija News recalls a Supreme Court order on Friday 3rd March, declared that the old N500 and N1,000 notes should remain in circulation until the 31st of December 2023.

However, the traders have expressed mixed feelings about implementing the directive of the apex court.

A food vendor at Ori-Oke, Ejigbo who gave his name as Mr Barnabas Israel, raised doubts about the availability of the old notes.

Is there any old notes outside after everybody has deposited the one they had?

“However, no one has brought the old notes to my shop, and if they do, I would not collect it because no one is collecting it in my area,’’ he said.

What I expected the Supreme Court to have done was to order the Central Bank to print more of the new notes and make it available for people to see and use.

“Nigerians have moved on. I can assure you that we are still going to experience this difficulty by December,’’ she said.

Also, Alhaji Musa Jamiu, a yam seller in Liasu market, said he would not collect the old notes until the president said so.

Is it the Supreme court that own the Central Bank or print the currency, it is the central bank and the Federal Government that can do so and put them into circulation.

“It is until they choose to obey the Supreme Court order, the Supreme Court order is null and void as far as I know.

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“Do you not know that the N200 note is in circulation because the federal government and the central bank say it should be, so the notes were brought back in circulation,’’ he said.