…as banks’ ATMs still dispense old notes
It is barely 16 days to the January 31, 2023 deadline given by the Central Bank of Nigeria (CBN) for the withdrawal of the old N200, N500 and N1,000 banknotes from circulation, but Nigerians are still guessing whether or not the apex bank would stick to the deadline.
The questions regarding the feasibility or otherwise of the January 31 deadline come as the CBN has continued its countdown on Twitter and Facebook as well as on its website, an indication that it may not be considering an extension.
This is even as the new notes are hardly in the hands of Nigerians and commercial banks across the country are still paying out the old notes to customers both over the counter and via Automated Teller Machines (ATMs).
The CBN, in a tweet on Friday via its verified handle (@cenbank), reminded Nigerians that the old notes would cease to be legal tenders by January 31.
“A reminder to the general public that the old series of N200, N500 and N1000 notes cease to be legal tender by January 31, 2023,” the CBN wrote on Twitter.
The old series of N200, N500 and N1,000 notes remain legal tender until the deadline of January 31, 2023. pic.twitter.com/Bjk4SZJj06
— Central Bank of Nigeria (@cenbank) January 13, 2023
The CBN’s countdown table on Twitter as at Friday showed that there were 17 days left before the deadline.
The banking sector regulator first posted the Twitter countdown on January 6, some 24 days and 12 hours to the January 31 deadline.
On Friday, the CBN also posted a countdown on its Facebook page, indicating that Nigerians had 17 days left to return their old notes.
On its website, the apex bank’s countdown table as at 3:15 am on Saturday, January 14, showed 16 days, 20 hours, 44 minutes and 58 seconds to the January 31 deadline.
Meanwhile, banks across the country are still paying out old notes to customers over the counter and through ATMs, despite the CBN directive to commercial banks to load the new naira notes in their machines.
With a view to making the new notes available to Nigerians, the CBN had asked commercial banks to stop paying over-the-counter customers with the new notes but to make them available via ATMs. The apex bank, claiming it had enough new currency notes to go round, also mandated commercial banks to stop loading old notes in their ATMs, threatening that it would penalise banks that failed to comply with its directive to dispense only the new N200, N500 and N1,000 banknotes through their ATMs.
However, reports from across the country show that banks’ ATMs are still awash with the old notes.
Similarly, The Nigerian Observer’s checks across banks’ ATMs in Benin City, Edo State capital, showed that the ATMs were still dishing out the old notes as at Friday evening.
The situation has left many Nigerians wondering whether the CBN was serious about the January 31 deadline or whether everything was just a costly joke.
Reacting to the CBN’s countdown tweet on Friday, Elvis Eromosele (@elviseroms) said, “This is noted. The real challenge which you’ll need to urgently address is why banks are still paying out the old notes.”
Another Twitter user, Young Pac (@richieedet), noted that the new notes are limited in circulation and that “even people on the streets & rural areas have no idea” about the new policy, adding that “some are harassing & fighting us for giving them fake money in exchange of services we purchased”.
Dickson Okorie (@MrDickson_O) said the apex bank was raising unnecessary tension by harping on the January 31 deadline.
“The deadline can’t be true. I spent nearly one million naira in the past 3 weeks. No new currency was dispensed in all the ATMs I visited and they gave me old notes over the counter. How will old notes be returned if they’re still giving them out?” Okorie queried.
Blue Sea (@Gagarute) noted that the “old notes are more in circulation than the new” and therefore the CBN couldn’t be serious about the deadline.
“Nice reminder from @cenbank but why are the ATMs still dispensing the old notes? I made a withdrawal this evening @gtbank atm in Adeniran Ogunsanya in Surulere same old N1000 notes was dispensed all through. So what do we do? It’s 17 days to go,” Bryan Okomowho (@bryanbryanise) tweeted.
Chi (@ChidiFriday1612) told the CBN that the new notes are nowhere to be found.
“You instructed that banks should not pay new cash over the counter, ATM is not dispensing the new notes in most parts of PHC, yet you are giving us 31st as deadline. Check well oo,” Chi tweeted.
Temi Chris @Jahchris_ said, “Kindly note that I just withdrew money from @ZenithBank ATM now, and it’s the old notes. I have never touched or seen the new notes physically yet, you wanna stop it from being a legal this same month?? Make una dey play oh.”
“This deadline is obviously not feasible. Over the counter withdrawal as today, banks still pay old notes. Hope you are ready for the chaos that will follow if you don’t adjust the deadline. Its obviously not possible because there will be frustration allover,” INSPIRED CJ @ChijiokeMishack said.
Ôbóng Émém, QBE, Esq by faith (@dedonnse1) tweeted, “When are you issuing the new notes? I know as always, you want to wait till the dateline before releasing the new notes so that Nigerians would die trying to return the old notes/get new ones. Your agents would then start charging fees to exchange old for new notes.”
DesignsAccountant (@FreemanOdedipe) said the new policy didn’t seen to be working at all, adding, “Till today, I’m yet to have spent at least one new note. To think that the cbn plans to eliminate the old notes that are still very well in circulation is just funny. So when the bus driver serves me an old note in February I should say what?”
“ATM not dispensing new notes and you think you can render the cash with us useless when your commercial bank could not even change it to new notes. Something is wrong with the management at all levels. Are you people not hearing the news to see the cry of people?” ObiDatti2023 (@OdeladeIbrahim) tweeted.
tazanuwa12 (@tazanuwa121) said, “I don’t think this deadline will hold, many are yet to even see what the new notes looks like including myself as of today 13th January 2023. I’m based in ONITSHA. This your miracle new notes is not circulating properly.”
Lawal Oluwatosin ™ (@siretosin) posted a video of a transaction from an Access Bank ATM in Port Harcourt, saying, “Forget deadline, this is @myaccessbank on Trans-Amadi in PH still dispensing old notes. The video was like 2hrs ago. You guys are not ready. If you’re ready, we’d know.”
“Please be informed that @gtbank is yet to load it ATMs with new note, this evening at her Town Planing/Anthony Branch the ATM paid me dirty old note. Call them to order, please. @Sterling and @fidelitybankplc are doing well concerning the new notes,” Ekande Basil (@EkandeBasil) tweeted.
