Banks in Ondo reject old naira notes 

Against Supreme Court judgment, commercial banks in Akure, the Ondo state capital, have begun rejection of old notes of N200, N500 and N1,000 denominations. 

Many customers who went to the banks to deposit were disappointed when the banks officials refused to collect the old notes.

At the Jaiz Bank, an official advised customers to take the old notes to the Central Bank of Nigeria (CBN).

An official of an old generation bank who spoke on condition of anonymity said they were acting on instruction from the CBN.

Other banks visited were the UBA, GTB, FCMB, First Bank and the Zenith Bank.

Some traders in Akure also refused to collect the old notes.

They claimed that banks refused to collect old notes in their possession; hence they all demanded new naira notes for transactions.

However, many of the banks’ customers complained of non-availability of the new naira notes at nearly all the facilities in the state capital.

A few that were available were reduced to between N2, 000, N3,000, while maximum customer could collect at any of the banks’ ATMs is N10,000 across the state.