About old naira note

Banks, filling stations, petty traders and commercial bus drivers in Anambra State have started accepting the old N1000 and N500 notes.

On her part, a petty trader, Mrs. In his reaction, a commercial bus driver, Mr. Commenting on the development, a bank customer, Mr.

The use of the old naira notes is gradually returning in Cross River, following the Central Bank of Nigeria's (CBN) directive to deposit banks to issue and ...

“I had to confirm first before accepting the old notes because of the doubts arising from the inconsistencies in the pronouncements by the Presidency, CBN and Supreme Court about the new and old notes. The use of the old naira notes is gradually returning in Cross River, following the Central Bank of Nigeria’s (CBN) directive to deposit banks to issue and receive the old notes. It would be recalled that on Friday, the Supreme Court extended the validity of the old naira notes to December 31.

Some traders still dey struggle wit doing dia business sake of despite di reversal of di old naira note policy by di Central Bank of Nigeria (CBN).

She say di trekking no good for her health sake of say she dey manage hypertension. She say di reason why she dey buy di cash na so she fit pay transport and buy small tins wey she need. She say since dis scarcity of cash start for di kontri her sales don drop. For Joke, one of di tins wey dey frustrate her for di transfer issue na di poor network. She say she dey carry di POS receipts everywhere she dey go. One female trader for di popular Balogun market for Lagos, wey di scarcity of naira notes don affecy say her POS receipts na her cash.

The Central Bank of Nigeria has directed that banks begins payment of old naira notes but this has not stop long queues across the country and cash ...

[ currency needs of the economy.](https://www.legit.ng/business-economy/money/1442075-the-central-bank-nigeria-spent-sum-n5861billion-print-2518-billion-naira-notes/) "The Central Bank of Nigeria should provide clear details on the extent of compliance, including the amount and value of old and new banknotes released into circulation in relation to the current demand. [Nasarawa](https://www.legit.ng/tags/nasarawa-state-news-today/) State University Keffi, the ongoing cash scarcity and low demand have led to a situation where traders dealing in perishable goods are compelled to sell their products below the cost of production or purchase price, as they lack proper storage facilities, Businessday [reports.](https://businessday.ng/business-economy/article/cash-still-scarce-as-banks-await-cbn-supply/) “My worry now is where would CBN get the old notes to supply banks since they have destroyed the ones in their possession?” [Central Bank of Nigeria](https://www.legit.ng/tags/cbn/) (CBN) [directive ](https://www.cbn.gov.ng/Out/2023/CCD/CBN%20Old%20Notes.pdf)on Monday, March 14, 2023, allowing banks to accept old naira notes, Nigerians were disappointed when they visited their bank branches. - They noted that the CBN's earlier directive on old naira notes reduced the amount of cash in their vaults

Many Abuja residents are starting to find some relief from the horrors of naira notes shortage. The residents are beginning to heave a sigh of relief as ...

Many customers with the old naira notes were also at liberty to deposit them in their accounts without hassles. Fidelity Bank in the Central Business District attended to customers’ cash needs both at the ATMs and banking halls. The residents are beginning to heave a sigh of relief as more commercial banks began disbursing old and new naira notes in line with the directives of the Central Bank of Nigeria (CBN).

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The CBN policy caused widespread chaos across the nation, as frustrated Nigerians staged protests amid poor banking operations.

The problem is not even to collect but to deposit back is a serious matter,” he said. He said: “I know that the CBN has made the old note a legal tender, some people are collecting it now, while some are still not collecting. “We had to join some of our people who have cars. Now we pray the money circulates so well so sales can pick up again,” he said. In Ogba, Lagos State, PREMIUM TIMES found that many traders are not accepting the old notes. The queue is gradually reducing,” says Mkpooto, a resident of the city. Speaking with PREMIUM TIMES, Nkiruka Romanus, a foodstuff seller in Olojudo market, Ido Ekiti in Ekiti State, quipped: “This is a major relief for everyone now. So what’s the need of collecting it.” However, both President Muhammadu Buhari and CBN Governor Godwin Emefiele refused to comply with the court order. The apex bank had on Monday announced that the old and newly redesigned banknotes remain legal tender until 31 December. “We do not have sufficient supply so I doubt there will be better circulation of money this week. We will wait for the CBN to supply us,” he said.

Despite the Central Bank of Nigeria (CBN) directive on the old naira notes, there has been chaos in the banking sector as Nigerians were unable to get both ...

Despite the Central Bank of Nigeria (CBN) directive on the old naira notes, there has been chaos in the banking sector as Nigerians were unable to get both the old and new naira notes from their respective banks. The story is the same in Akure, Ondo state capital and environment and across Nigeria as it was learnt that the CBN was yet to supply the old notes to the banks.

Given the additional clarity on the official acceptance of old naira notes, analysts say the currency is expected to weaken against the dollar.

Given the additional clarity on the official acceptance of old Naira notes, we expect to see the currency weaken against the dollar. Given the additional clarity on the official acceptance of old naira notes, analysts say the currency is expected to weaken against the dollar. However, this is likely to happen only gradually, given that the central bank has already mopped up a sizeable portion of the old notes in preparation for replacement with new ones.

The Lagos State Government has urged residents to report cases of rejection of old N500 and N1,000 notes in the state instead of creating scenes or causing ...

In some cases, we put calls through to some business owners who immediately complied and accepted the old currency notes. I plead with those who are still rejecting these old notes to desist from doing that,” Solebo stated. This was according to the General Manager of Lagos State Consumer Protection Agency, Mr.