Residents of Abeokuta, the capital of Ogun State, were terrified on Monday morning when banks began rejecting the old N200, N500, and N1000 notes.
Despite the Central Bank of Nigeria’s February 10 deadline, people of Abeokuta were still transacting business with the old notes as of the weekend.
This, according to our source, was due to a Supreme Court interim ruling prohibiting the CBN from prohibiting the use of old notes as legal tender.
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Though the CBN has yet to respond to the court decision, many have construed the apex bank’s silence as acquiescence.
However, when commercial banks reopened on Monday, those who wanted to deposit their old notes were unable to do so because cashiers refused to take them.
A consumer stated that she was unable to deposit N200,000 because her bank rejected the outdated notes.
With this news, several people were spotted making calls to relatives and sales representatives, urging them not to accept old notes from consumers because banks no longer accept them as deposits.
According to a banker who confided in Newsmen, they received orders from 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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According to Anaedoonline.ng, commercial banks are rejecting the old notes since the CBN has yet to communicate with them about extending the February 10 deadline or complying with the court decision.
Meanwhile, businessmen and other persons who still have the old notes have petitioned the CBN to allow them to exchange their hard-earned money.
According to reports, numerous establishments in Abeokuta, including Foodco, Best Deals, and others, have stopped accepting old notes since Thursday.
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