Old Naira Notes Shortage Hit Banks

The hope of Nigerians that scarcity of old Naira notes may soon come to an end was dashed yesterday as banks ran out of the notes.
This is against the sigh of relief customers had on Monday when the Central Bank of Nigeria (CBN) yielded to the Supreme Court’s ruling that the old N1000, N500 and N200 banknotes would remain legal tender alongside the redesigned banknotes till December 31, 2023.
However, several banks either remained closed, or rendered skeletal services across the country, as crowds gathered banking halls and Automated Teller Machines (ATMs).
The Tide’s source gathered that CBN was yet to supply the old notes to banks.
In Port Harcourt, the Rivers State Capital, customers spent hours in banking halls and in long queues at ATM machines in banks that were open to customers.
Some banks that have several ATN machines, only one was dispensing cash, while at other banks the ATM machines ware locked.
Maximum withdrawals was pegged at N20,000 in banks that were dispensing cash.
In Jos, the Plateau State capital, customers were told there was no money.
An official, who pleaded anonymity told The Tide’s source that the branch had no money to dispense.
“The truth is there is no cash. The banks are interested in doing business, but CBN is yet to release cash to us.
“I have sympathy with our customers who are left stranded, but the truth is, there is nothing we can do about it. We don’t have the cash”, he said.
In Imo State, all the ATMs the source visited did not dispense cash, even as some customers got to the bank before 6 am only to be told there was no money.
“We were told to return tomorrow (today) after they paid a few customers the old naira notes”, a customer said.
It was the same in other States, such as Lagos, Cross River, Edo, Oyo, Anambra, Enugu, Ebonyi, and Ogun.
Speaking on the issues, the Bank Customers Association of Nigeria (BCAN) President, Dr. Uju Ogubunka, said it would be difficult for the CBN to attend to banks’ cash requests at once.
On his part, the former Registrar of the Chartered Institute of Bankers of Nigeria (CIBN) said: “Many banks requested cash immediately after the CBN announced that the old naira notes remained legal tender.
“I believe it will be on a first come first served basis. Not all the banks will have their cash needs met at once”.
According to him, it could take some time before the cash will reach all the banks’ branches and tackle the current cash scarcity.