Sign in
Download Opera News App



Banks limit customers to N20,000 over the counter

Many Nigerians heaved a sigh of relief yesterday as banks started paying the old N200, N500 and N1,000 notes to customers.

It followed Monday’s directive by the Central Bank of Nigeria (CBN) to banks to comply with the March 3 judgment of the Supreme Court.

The court decided that the old N200, N500, and N1,000 banknotes will coexist with the new ones and be valid until December 31.

Due to the CBN's low cash allocations, many banks restricted over-the-counter payments to N20,000.

Long lines might be seen at many branches.

As customers withdrew cash to meet their financial demands, many Automatic Teller Machines (ATMs) that had been vacant for weeks owing to a lack of cash unexpectedly came to life. According to The Nation.

Yet, other ATMs were also vacant.

In the Federal Capital Territory (FCT), several banks lacked funds.

They claimed that the CBN had not issued funds to meet demands, but they expressed optimism that things would improve soon.

Customers of Skye Bank in Wuse Zone 7 were paid with old notes over the counter, but just a small portion of what they had requested.

Customers of United Bank for Africa (UBA), Area 3, were paid N10,000 each in cash.

A teller at Polaris Bank stated: "We started giving N5,000 to each of our customers in the morning, but by approximately noon, the money in the vault had run out. Money will increase starting on Friday.

Abuja's merchants and cabbies were hesitant to accept the outdated currency. According to The Nation report.

Content created and supplied by: Umaroo1 (via Opera News )

CBN Central Bank of Nigeria Nigerians


Load app to read more comments