Clients Reject Deposit Circumstances As Banks Dispense Previous Notes

Extra Business Banks have begun to dispense previous N1,000 and N500 notes to their clients, about three days after just a few banks began doing so.

Findings revealed that Polaris Financial institution and First Financial institution had began to pay previous N1,000 and N500 notes to their clients.

This took place three days after Warranty Belief Financial institution Plc, Zenith Financial institution Plc and Sterling Financial institution began meting out previous N1,000 and N500 notes to their clients.

In the meantime, many purchasers have been shocked on Thursday after some Deposit Cash Banks in Abuja that distributed the previous naira notes declared that they’d not settle for the previous payments from their clients.


Lots of the banks gave their clients circumstances to be fulfilled earlier than they’d enable the previous notes to be deposited within the DMBs by their purchasers.

This created confusion amongst clients, who additionally complained that the previous notes have been being rejected by merchants, filling stations, transporters and different companies within the capital metropolis.

Clients who fashioned huge queues in entrance of a number of banks throughout numerous areas in Abuja, expressed shock that the banks have been paying the previous notes and have been on the identical time rejecting the payments when one tried to deposit it.


“They’re asking us to go and generate on-line codes from the Central Financial institution of Nigeria earlier than we are able to deposit the identical previous notes that they distributed to us,” an Entry Financial institution buyer in Kubwa, Abuja, who merely recognized herself as Opeyemi, said.

This was confirmed by greater than 5 different clients on the financial institution, a growth that made others who wished to make withdrawals to vacate the financial institution, regardless of spending hours on queues.

Huge queues have been additionally seen in entrance of First Financial institution, GTB, Polaris Financial institution, UBA, FCMB, Constancy Financial institution, EcoBank, and many others, in Kubwa, Gwarimpa and the Central Enterprise District of Abuja on Wednesday.

Clients of a few of these banks additionally confirmed that the DMBs have been meting out previous naira notes, however have been rejecting the notes, as they gave circumstances for its acceptance.

“There’s a lot confusion proper now round this previous naira notes challenge. Our banks haven’t given us the go-ahead to gather it and so they don’t settle for it,” the Secretary, Impartial Petroleum Entrepreneurs Affiliation of Nigeria, Abuja-Suleja, Mohammed Shuaibu, said.

Shuaibu additionally said that oil entrepreneurs have been conscious of the circumstances being given by banks earlier than the previous notes could be deposited within the monetary establishments.

He had earlier instructed our correspondent that oil entrepreneurs have been ready for the presidential directive, stressing that the President had not spoken regarding using the previous naira notes.


“Nonetheless, if the banks say we should always accumulate the previous notes, after all, we’ll settle for the notes. However as it’s now, we have now not obtained any official affirmation. We’re solely listening to it from individuals.

“As soon as the banks inform our members to simply accept it, then I can guarantee you that we are going to adjust to ease. We’re listening to that the banks have began giving out the previous notes, however as for me, I’ve not set my eyes on the previous N500 and N1,000 notes. We’re solely listening to it,” Shuaibu said.

In the meantime, when our correspondent visited United Financial institution for Africa, Polaris Financial institution and Wema Financial institution branches within the Lugbe space of the Federal Capital Territory, Abuja on Wednesday it was noticed that the banks have been but to begin paying clients with the previous N500 and N1,000 notes.

On the UBA financial institution it was noticed that clients weren’t being paid with the brand new notes or the previous notes as a result of there was no money obtainable.

Equally, on the Wema Financial institution and Polaris Financial institution branches, clients weren’t paid as a result of the banks had run out of money.

In the meantime, Ifeanyi Udenna, a buyer who collected the previous N1,000 notes from First Financial institution, stated he accepted the previous notes as a result of it was issued to him by a business financial institution, based on a Information company of Nigeria report.

”I consider that as a result of the cash is coming from a business financial institution, the data can be genuine.


”Though we have now not heard any data from the Central Financial institution of Nigeria concerning the previous notes, the banks can’t be appearing on their very own,” he stated.

One other buyer, Eugenia Atah, stated that though she collected the previous notes from her financial institution, merchants have been rejecting the notes.

”I collected N20,000 of the previous N1,000 notes from my financial institution however once I went to the market, they refused to gather it.

”I additionally went to a restaurant to have lunch however the girl in cost rejected it.

”That is irritating as a result of I assumed that the issuance of the previous notes will scale back our struggling,” she stated.

A financial institution officer at Stanbic in Ikeja, Lagos, instructed our correspondents that there have been no previous naira notes obtainable for disbursement.