Banks Dispense Old Naira Notes As Acceptability Grows In Lagos

Following the directive by the Central Bank of Nigeria (CBN) on Monday that the old N500 and N1,000 banknotes remain legal tender and would be in circulation concurrently with the new notes till December 31, 2023, commercial banks have begun dispensing the old notes through their Automated Teller Machines (ATMs).

This is as traders and motorists have also started accepting the old notes.

Arabella Star Magazine findings around banks in Lagos showed that while the long queues at the banking halls still persist, many banks were dispensing the old N500 and N1,000 through their ATMs as well as within the banking halls.

A customer of a Tier 2 bank, who spoke with Arabella Star Magazine, said she was unable to get cash earlier on Monday but had been able to get some old notes at the ATM on Tuesday.

“I would have not taken it but with what the CBN said yesterday (Monday), I have confidence that I won’t have difficulty spending it. Although some traders were already collecting it before now, I know that transporters too will start collecting it. So, I have no fear in collecting it,” the customer stated.

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