• Friday, March 29, 2024
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BusinessDay

Customers rush to deposit old notes in A/Ibom as CBN deadline nears

Naira shortage puts $220bn informal economy on life support

Banks and Point Of Sales centres in Uyo, Akwa Ibom State have recorded a large turnout of customers in their efforts to beat the deadline by the Central Bank of Nigeria (CBN), which ends Tuesday.

The CBN late last year issued new currency notes of the N200, N500 and N1000 denominations and set January 31, 2023 as the deadline for customers to deposit the old notes in the banks in the country.

According to a check by our reporter in Uyo, most of the banks and POS centres witnessed more customers who came to deposit the old currency notes in many of the banks and POS centres visited.

At Access Bank along Barracks Road in Uyo, the state capital, the main banking hall was filled when our reporter visited while the bulk deposit room had many customers queuing to carry out financial transactions.

Officials of the bank, who declined to speak to our reporter when asked about the unprecedented number of customers, however acknowledged that more customers have deposited the old notes not only today “but also on previous days,” adding that “it has been a big rush to beat the deadline.”

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At a POS centre along Asutan Street close to Barracks Road, an operator who identified herself simply as Blessing said many of the customers that came were only for depositing money and not withdrawals.

“As at 11 am, I have recorded more than 30 customers coming to deposit the old notes. People who make withdrawals are few,” she said.

At Zenith Bank along the banking district in the state capital, Emediong Edet, a 200 level Mass Communication student of Akwa Ibom State University, who recently benefited from the state government scholarship scheme told our reporter that the crowd in the bank was huge.

“After I got the cheque on Friday, I went to Zenith Bank in Uyo, along the banking district, I can’t believe the huge number of customers who came for transactions.

“A friend had earlier told me not to bother to come to the bank because of the crowd,” she said.

At other banks along Aka Road and Abak Road, many customers were seen thronging the banking halls apparently in readiness to deposit the old notes.

Many commercial banks have issued notices of their plans to open on Saturday and Sunday to allow customers to deposit the old notes as the deadline ends on Tuesday.