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Old Naira Notes Accepted By Lagos Residents

The News Agency of Nigeria (NAN) reports that the CBN in a statement signed by its acting Director, Corporate Communications, Mr Isa AbdulMumin, on Monday directed the commercial banks to comply with the Supreme Court judgement of March 3. And in line to what has being announced, Lagos state has taking effect in accepting old currencies.

CBN said, “Accordingly, the CBN met with the Bankers’ Committee and directed that the old N200, N500 and N1,000 banknotes remain a legal tender alongside the redesigned banknotes till Dec. 31.“Consequently, all concerned are directed to conform accordingly. A visit by a NAN correspondent to some commercial banks, markets and filling stations in Lagos revealed that traders had started accepting the old Naira notes and also giving it as change. The correspondent, however, observed that while traders and residents of the state have fully complied to transact with the old Naira notes, some banks were yet to start dispensing both the old and new Naira notes.

Lots of people were seen in large numbers at the entrance of some of the commercial banks visited around Iyana-ipaja, Ikotun, Ikeja, Sango-Ota, Oshodi and other areas of the state with a hope to get cash. However, a bank official, who preferred anonymity, claimed that they do not have both the old and new Naira notes in their custody to dispense to customers.“We do not have money to give our customers, that is why we are not paying cash.

“We are hopeful that we will get money from the CBN, following the directive,” the official said.

A bank customer, Mrs Gift Amomo, expressed worry, saying that the cash crunch still persisted, in spite of the CBN’s directive on the recirculation of the old Naira notes and willingness of the public to accept it. Amono said: “I just entered the bank but was I told that there was no cash. Both the old and new Naira notes were not available for us to collect.

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