• Monday, July 15, 2024
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BusinessDay

Supermarkets, banks end old naira collection

Deposit money banks have stopped collecting high value naira notes of N200, N500, and N1000 as the deadline given by the Central Bank of Nigeria (CBN) ended on Friday, February 10, 2023.

Some banks on Friday advised their loyal customers who are in business to stop collecting old naira notes as they (banks) would not collect it from them and it is only customers with large deposits that deposit at CBN.

“Some of my customers wanted to pay me with old naira notes, so I decided to call my account officer to verify if I could go ahead. My account officer said I should not because the deadline ended and they will not be able to collect it from me,” a pharmacist who gave her name as Glory told BusinessDay on Sunday.

Some Supermarkets in Lagos have stopped collecting old naira and have pasted a notice around their walls informing their customers not to pay in old notes. “We are not accepting old currency,” one of the supermarkets posted at a conspicuous place.

Meanwhile, some banks on Friday issued a notice to their customers regarding the expiration of the deadline.

“The old designs of N200, N500, and N1000 will no longer be accepted as legal tender after today 10 February 2023. Deposit your old notes now at any of our branches,” tier-two lender, Stanbic IBTC, said in a note to its customers.

The CBN had on Friday removed the countdown to February 10, 2023, live chart from its website, as the deadline expires.

However, Nigerians will on Wednesday know fate as the Supreme Court makes a verdict on the old naira deadline. A source close to the CBN said while they are waiting for the Supreme Court verdict on Wednesday, the higher denominations of N200, N500 and N1000 temporarily remain legal tender.

The Supreme Court on Wednesday ruled that the old 1000, 500 and 200 naira notes can still be used as legal tender in Nigeria.

Lawyers who spoke to BusinessDay said the Supreme Court’s ruling is not binding on the CBN and as such the apex bank could still enforce the initial deadline.

Read also: Nigerians ignore CBN, banks transact with old Naira after deadline

Nigerians, irrespective of their economic status, are bearing the brunt of the naira scarcity across the country.

On Sunday, Odunayo, a chartered accountant and mother of two, said, “I cannot buy anything. Water, bread, as they are not accepting transfer. I even tried getting money from the church ushers, but most people now do transfer as an offering. I just got back home right now and we went to all the banks on Eric Moore, Bode Thomas, Adeniran Ogunsanya, Ogunlana Drive, I even tried PoS, they charged N3,000 for N10,000 and it is not even new notes, old notes.”