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Confusion In Ogun, Osun As Banks Reject Old Naira Notes

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Acting Director, Corporate Communications

Fear gripped residents of Abeokuta, the Ogun State capital, on Monday morning when banks started rejecting the old N200, N500 and N1000 notes.

As of the weekend, residents of Abeokuta were still transacting businesses with the old notes, despite the February 10 deadline of the Central Bank of Nigeria.

This, our correspondent learnt, was as a result of a Supreme Court interim order, banning the CBN from stopping the old notes from being legal tenders.

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Though the CBN is yet to react to the court order, many have interpreted the silence of the apex bank to mean acceptance.

But as commercial banks resumed on Monday, people who were to deposit their old notes could not do so as cashiers refused to accept them.

A customer said she could not deposit her N200,000 because her bank rejected the old notes.

With this development, many were seen making calls to their relatives and sales representatives, warning them not to accept the old notes from customers as banks no longer take in deposits with the notes.

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A banker, who confided in our correspondent, said they got directives from the headquarters not to deposit the old notes.

“We were accepting the old notes earlier in the morning, but we got directives from our headquarters around 9am that we should no longer accept the old notes. That’s why we stopped,” the banker said.

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Our correspondent also gathered from staff of some banks in Osogbo, capital of Osun that they will only accept the old naira note today,Monday, which is the deadline of CBN.

Some market women, business owners are also rejecting the old note citing confusion about the validity of the old currency

Hammed Tajudeen is a graduate of Osun State Polytechnic, Iree with Higher National Diploma (HND) in Mass Communication

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