Banks refuse deposits of previous notes from confused clients

Throughout Lagos, most business banks are refusing deposits of previous ₦200, ₦500 and  ₦1,000 notes from clients, citing the currency redesign deadline set by the Central Financial institution of Nigeria. The foreign money redesign course of has been complicated, with the CBN transferring the deadline as soon as and a Supreme Court judgment extending the identical deadline to February 15. A lawyer who spoke to TechCabal clarified that because the CBN wasn’t a celebration to the case, the choice of the Supreme Courtroom just isn’t binding on it.

TechCabal visited financial institution branches in Lagos and spoke to a number of financial institution staff. We got here away with an image of a haphazard coverage that must be clarified. A First Financial institution worker in Lagos advised TechCabal it turned away a number of clients with previous notes, together with a filling station supervisor with 4 million price of previous notes. FCMB and Entry Financial institution financial institution branches additionally refused to gather the previous notes, saying that the deadline elapsed on February 10. They added that they’re ready on extra directives from the CBN.

Prospects on the financial institution branches TechCabal visited stated they didn’t get any emails or notifications from their banks about Monday’s deadline. Throughout TechCabal’s go to, a safety officer at an Entry Financial institution department was shocked to overhear a TechCabal reporter confirming that the financial institution had certainly stopped amassing previous notes.  The financial institution’s clients who have been in a queue to withdraw money on the ATM stated they have been additionally listening to concerning the deadline for the primary time.

One of many few business banks that knowledgeable their clients of their resolution to stop deposits of previous notes is Stanbic IBTC financial institution. The financial institution advised clients, “The previous designs of N200, N500, and N1,000 will not be accepted as authorized tender after in the present day 10 February 2023. Deposit your previous notes now at any of our branches.” An worker at one of many financial institution’s branches in Port Harcourt confirmed that no deposits of previous notes have been ongoing and clients weren’t coming in to deposit their previous notes.