Banks Continue to Dispense Old Notes as Customers Reject Conditions For Deposit
Bank customers are rejecting conditions given by their banks for old naira note deposits, The bank customers say returning old naira notes to the banks is tedious The banks have asked their customers to log in to the CBN portal to replace their old notes. More Nigerian banks have started to dispense the old N500 and N1000 notes to their customers. Investigation reveals that some banks began to pay the old notes primarily via their ATMs.
However, customers expressed surprise on Thursday, February 9, 2023, after their banks told them they wouldn't accept their old naira notes. Some of the banks gave their customers conditions before they would be allowed to deposit old naira notes. The development comes as customers report that traders, transporters, and petrol stations reject the old naira notes. They expressed surprise that the same banks paying old naira notes reject them for deposit. Punch reports that some customers told reporters that the banks had asked them to go and generate codes from the Central Bank of Nigeria portal (CBN) before depositing the old notes.
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