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Naira Deadline: Banks, fuel stations ignore S’Court order, reject old notes
Naira Deadline: Banks, fuel stations ignore S’Court order, reject old notes
Contrary to the Supreme Court’s ruling prohibiting the Federal Government from enforcing the February 10 deadline previously set by the apex bank for the currency swap, some commercial banks and gas stations have stopped collecting old naira notes from customers.
According to findings on Monday, the banks reportedly refused to accept the old N1,000, N500, and N200 notes from depositors and point-of-service agents who flocked to the banks to deposit their cash.
Point of service workers and other bank customers who had their old naira notes rejected panicked as bank officials, who insisted they were following a directive from the Central Bank of Nigeria, remained steadfast.
Also, lawyers and litigants at high courts in Lagos State were unable to file their court processes using the old naira notes for payment.
As the naira crisis worsened, the CBN Governor, Godwin Emefiele, again met with President Muhammadu Buhari at the Presidential Villa on Monday.
Emefiele, who had met with the President about six times since the naira crisis started, failed to address correspondents as he reportedly left the villa through a side entrance.
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The governments of Kaduna, Kogi, and Zamfara states on February 8 secured the order of the apex court extending the deadline beyond last Friday stipulated by the CBN for the use of the old notes.
A seven-member panel of the apex court, led by Justice John Okoro directed that the deadline be suspended till Wednesday when the proceedings would continue even as other states had applied to join the suit.
Checks also showed that banks in the Ikeja area of Lagos State refused to collect the old notes from customers.
Some frustrated and desperate customers were seen making frantic calls to their friends and loved ones intimating them of the development.
Speaking to newsmen on condition of anonymity because he was not authorized to speak on the latest development, a staff member of First Bank Plc said that they were instructed not to collect the old naira notes.
Also in the Badagry area of Lagos, several bank customers and PoS agents who visited banks on Monday were shocked to learn that the banks were not accepting the old notes.
A resident identified himself simply as Mr Julius said the branches of Access Bank and UBA in the town refused to accept the old currencies from depositors.
