Banking, Economy & MoneyHeadlines

Relief As Lagos Residents Transact Businesses With Old Naira Notes 

Lagos State residents on Tuesday began to accept the old N200, N500 and N1,000 banknotes for transactions, following a directive from the Central Bank of Nigeria (CBN) to do so.

The development followed the CBN directive in a statement signed by its acting Director, Corporate Communications, Isa AbdulMumin, on Monday night to commercial banks to comply with the Supreme Court judgement of March 3.

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.

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 did 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.

NAN

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