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HOME / News / Economy
Naira Redesign: Customers Hopes Dashed As Banks Run Out Of Old, New Notes
Published Mar 23, 2023 IN News, Economy,
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 MANY banks on Friday ran out of old and new naira notes, dashing Nigerians’ hopes that the cash scarcity will ease soon. When the Central Bank of Nigeria (CBN) announced during the week that the old N1000, N500 and N200 banknotes would remain legal tender alongside the redesigned banknotes till December 31, 2023, in compliance with the Supreme Court judgment, many heaved a sigh of relief. But many bank branches visited by our correspondents in Asaba, the Delta State capital remained closed while those that opened were flooded with customers without new or the old naira notes. It was learned from an officer in one of the banks along the popular Nnebisi road that CBN was yet to supply the old notes to the banks. As a result, crowds gathered in banking halls and at the Automated Teller Machines (ATMs) hoping to get cash from the machines without getting the notes. An official, who pleaded not to be named, told our correspondent that the branch had no money to dispense. He said: “The truth is that there is no cash. The banks are interested in doing business, but CBN is yet to release cash to us. “I have sympathy with our customers who are left stranded, but the truth is, there is nothing we can do about it. We don’t have the cash.” It was gathered that some residents got to the bank before 6 am only to be told there was no money. They called on the Federal Government and CBN to intervene and make the notes available as Nigerians are suffering to get their own money from the banks.

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