A number of commercial banks on Monday finally resumed the issuance of the old ₦500 and ₦1000 denominations to the public.
The move is coming on the heels of the Supreme Court judgement, which extended the validity of the banknotes till December 31, 2023.
In another development, the Central Bank of Nigeria (CBN) on Monday disclosed that total repayments under its Anchor Borrowers’ Programme (ABP) stood at N503 billion, representing 52.39 percent of total exposure.
On the issuance of the old banknotes to customers, Africa Today News, New York, however, gathered that the absence of a statement by either President Muhammadu Buhari or the apex had resulted in uncertainty, as businesses in Abuja and other places continued to reject the old denominations.
Since the Supreme Court’s ruling, no further clarification or directive had been issued by the central bank, a situation that has caused the banking public to take precautions with regard to the old notes.
Africa Today News, New York further gathered that some GTBank and Access Bank branches paid out the old banknotes in Abuja. In Lagos, it was gathered that Sterling Bank and Access Bank at Iyana Ipaja loaded the old N1000 and N500 notes on their ATMs and people were withdrawing them.
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However, scarcity of cash remained evident across the Federal Capital Territory (FCT), as practically none of the Point of Sale (POS) agents had cash at the time of the check.
A POS operator told reporters that it was sickening to idle at banking premises only to be given between N2000 and N5000 at the end of the day.
Findings further revealed that many POS operators resorted to online money transfers and did very little cash exchanges.
Analysts, however, believed that cash availability and circulation would greatly improve in the coming days following the apex court’s decision. They also hoped that the conclusion of the general election next week would lead to some monetary policy decisions that would improve cash circulation in the economy.
Ultimately, providing clarity and direction on the court’s ruling would quell apathy on the part of the banking public, many believe.
Meanwhile, CBN yesterday disclosed that total repayments under its ABP stood at N503 billion, representing 52.39 per cent of total exposure.