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.
Banks have now run out of both the old and new naira notes, dashing Nigerians’ hopes that the cash scarcity will ease soon.
Despite the announcement by the Central Bank of Nigeria, CBN, that the old naira notes would remain legal tenders till December 31, 2023, long queues have continued to be the order of the day in many banks across Nigeria.
The announcement of CBN had initially brought succour to many Nigerians that the old N1000, N500 and N200 banknotes would remain legal tender in compliance with the Supreme Court judgment.
However, many bank branches remained closed across the country and those that had cash rationed it.
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.
In many branches of banks in the state, crowds gathered in banking halls and at the Automated Teller Machines (ATMs) waiting endlessly to collect cash.