The Central Bank of Nigeria has quietly approve the disbursement of the old naira notes while the Deposit Money Banks (DBMs) dispenses the bank notes.
It was noted that the commercial banks has not been dispensing the old naira notes since the notes seized to be legal tender on 10th February, 2023.
Despite the multiple ruling by the supreme court, CBN had maintained that the old notes seized to be legal tender except for N200 notes after President Buhari’s approval.
Following the Supreme Court ruling on 3rd March, 2023 which ordered the old naira notes to be legal tender yet banks are still finding it difficult to dispense old naira notes.
According to some recent information from sources, banks are yet to dispense both old and new notes both on counter and ATM machines thereby making life very difficult as POS charges are still very outrageous at N200 for N1000 notes in some areas in Lagos while N1000 at N2000 at some areas in Delta, even bank transfers keep failing, so sad to Nigerians.
What a country and administration Nigerians are facing!