Banks Limit Customers To N20,000 Over The Counter

Date:

By Kayode Sanni-Arewa

Many Nigerians heaved a sigh of relief yesterday as started paying the old N200, N500 and N1,000 notes to customers.
It followed Monday's directive by the Central of Nigeria () to banks to comply with the March 3 judgment of the Supreme .

The court held that the old N200, N500 and N1,000 banknotes would remain legal tender until December 31 and co-exist with the new notes.

Many of the banks limited payments over-the-counter to N20,000 because they had limited cash allocations from the CBN.

There were long queues at different branches.

Many Automated Teller Machines (ATMs), which were abandoned for weeks due to cash scarcity, suddenly became a beehive of activities as customers made cash withdrawals to meet their financial needs.

But some ATMs were also empty.

Many banks in Federal Capital Territory (FCT) had no cash.

They said the CBN had not released money to meet demands, but hoped the situation will change in the coming days.

Skye Bank at Wuse Zone 7 paid their customers in old notes over the counter, but only a fraction of what the customers asked for.

At United Bank for Africa (UBA), Area 3, customers were paid N10,000 each over the counter.

At Polaris Bank, a teller said: “We started paying N5,000 each to our customers in the morning, but the money we had in the vault was exhausted at about noon. There will be more money as from Friday”.

Traders and cab drivers in Abuja were reluctant to accept the old notes.

Source: Nation newspaper

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Cross River: PDP’s decision to challenge APC guber victory laughable – Obono-Obla

The decision of the Peoples Democratic Party, PDP, governorship...

2023: Ogun tribunal permits NNPP to inspect sensitive electoral materials

The elections petition tribunal sitting in Ogun State has...

EPL: Emile Rowe names two players that brought winning mentality to Arsenal

Arsenal midfielder Emile Smith Rowe has named the two...

EPL: How Arsenal made Tottenham sack Conte as manager – Keown

Former Arsenal player Martin Keown has said that the...