Residents of Edo State, including traders and commercial drivers have started accepting the old N500 and N1000 banknotes following the Central Bank of Nigeria’s (CBN) confirmation that the notes will remain legal tender alongside the redesigned banknotes till December 31, 2023, in line with the ruling of the Supreme Court
However, there is still shortage of cash , as most of the banks visited by our reporter across Benin metropolis, on Tuesday, did not dispensing cash either from the Automated Teller Machines (ATMs) or the counter, despite being besieged by crowds of customers who hoped to make withdrawals.
It was observed that a few banks paid their customers N10,000 old notes at the counter while some new generation banks told their customers there was no cash. The banks, however, attended to customers with complaints bordering on other issues.
A bank customer, Lucky Osaretin, commended the apex’s bank for complying with the court’s directive but pointed out that the delay had further affected the masses and brought unprecedented hardship on the people as most banks do not still have cash to pay their customers.
“This is the second bank I am visiting today (Tuesday). I was at their branches at Airport road and Agbor road, but none paid me. People are now aware of the directive to accept the old notes but the issue is that banks say they do not have cash. This should not have gotten to this extent if only our government listened to the yearnings of the masses,” he said.
A cross section of traders and drivers in Benin City told BusinessDay that since the apex bank has openly complied with the court’s verdict, they have no choice but to accept the old notes.
They called on the authorities to disburse more of the old naira notes to complement the redesigned banknotes and embark on more public enlightenment in remote areas.
