By Deborah Christopher
Following the Central Bank of Nigeria (CBN) directive on Monday that the old N500 and N1, 000 remain legal tender in line with a Supreme Court ruling, banks have started dispensing the currencies over-the-counter (OTC) and via Automated Teller Machines (ATMs).
Investigation showed that business operators were still reluctant to collect and transact with the old notes.
It was reported that some branches of banks in Lagos, and most ATMs were dispensing the old notes, just as the bank notes were being dispensed over-the-counter.
But it was discovered that banks were still requesting customers to fill deposit forms via the CBN portal, which was what some of their customers expressed concern about.
Findings also showed that queues have subsided at banks’ ATMs. But all the supermarkets visited and petrol stations were still insisting on being paid with the new banknotes or via electronic channels.
The central bank had released a statement on Monday night assuring that the old N200, N500 and N1,000 remained legal tender till December 2023 in line with the ruling of the Supreme Court.
The statement by the apex bank had given confidence to more Nigerians who had been reluctant to accept the old notes.
