Business

Surprise, anger as banks reject old naira notes

Commercial banks in the country have started rejecting the old naira notes despite the Supreme Court ruling which temporarily stopped the February 10 deadline for the validity of old N200, N500, and N1,000 currency.

It would be recalled that the Supreme Court, last Wednesday, extended the deadline for the validity of the old naira notes till Wednesday, February 15, 2023.

The apex court made the declaration after it adjourned the hearing of the case against the currency swap until February 15.

However, it was gathered that commercial banks across the country, on Monday, rejected the old naira notes from customers who had stormed the banks to deposit the currency.

It was learned that commercial banks in Abuja, Lagos, and Ondo states, amongst others, rejected the old naira notes from the customers.

Scores of residents of Ondo State with the old naira notes were stranded in several locations in Akure, the state capital over the development.

A resident, who preferred anonymity, disclosed that she called some officials of Wema Bank who told her that the bank would no more take old naira notes.

She added that a Point of Sale (POS) operator later collected the denominations from her.

She, however, urged the Federal government and the Central Bank of Nigeria (CBN) not to allow the naira policy to give many Nigerians hypertension.

“Government should not give us hypertension. How will rural dwellers survive? The authorities should reconsider this policy.

“It is worrisome that the Supreme Court’s order could not be obeyed,” the woman said.

Also speaking, a taxi driver in Akure, who identified himself simply Favour, said he was surprised to have learned about the refusal to collect the old naira notes.

Favour said the refusal, if not quickly checked, would send many to untimely graves.

“But I know that they are not more powerful than God. I have stopped collecting it from passengers since I can’t spend it.

“These banks should be sanctioned by court of jurisdiction. And government should allow people to continue to spend it until the new ones are abundant in circulation,” the driver said.

He added that filling stations in the Ondo State capital have also stopped collecting the old naira notes.

The Star