Hours after issuing instructions on the old N1000 and N500 notes, the Central Bank of Nigeria (CBN) is failed to release them.
Recall that the apex bank ordered on Monday that the old notes continue to be valid till December 31, 2023.
Although urging commercial banks to start recirculating the old notes, the CBN has not yet done so, according to Daily Trust.
Commercial banks are battling to accommodate the demand of customers that swarm their locations across the nation at this time.
The platform was informed by traders, students, and others who visited banks in quest of cash that they were unable to withdraw the quantities they desired.
They stated that while some people received N20,000, they received only between N5,000 and N10,000.
Speaking about the use of the old notes, a senior member of the Guarantee Trust Bank management team stated: “We are not receiving any old cash from the CBN. I have a sizable stock of the old notes, which are what we are currently recirculating.
According to the source, the majority of commercial banks held onto the old notes in the days preceding the February 10 deadline until the Supreme Court judgment shortened the CBN’s initial schedule.
We have that cash on hand, he said, and when the CBN was overrun by people trying to meet the deadline, they also told them to go to the commercial banks, so we also had that stock. The reserve we have amassed is that.
Under the condition of anonymity, a management employee of Polaris Bank told Daily Trust, “We have not received the old notes primarily because we have not finished dispersing our old naira stock.
We are able to provide you with a wide range of services. When we use up what we have, we will comprehend things clearly.