Banks Invite Customers to Come for Cash as CBN Commences Reissuing of Old N200 Notes
- More commercial banks have opened their doors to customers to make over-the-counter withdrawals
- The banks said they have received more cash from the Central Bank of Nigeria in response to President Buhari’s directives
- The development follows a denial by bank workers that the CBN ordered them to shut down services and payment channels ahead of elections
More commercial banks have issued messages to their customers asking them to come for withdrawal as the Central Bank of Nigeria confirmed that it has reissued the old N200 notes following directives from President Muhammadu Buhari.
Checks by Legit.ng reveal that most commercial banks in Lagos have opened their doors to customers for over-the-counter withdrawals amid the presidential election on Saturday, February 25, 2023.
Source: Getty Images
Long queues form at banks
Customers formed long queues at most banks visited on Thursday, February 24, 2023.
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Before now, most banks have reported running out of cash, especially the newly redesigned naira notes, leading to scarcity.
A bank official at UBA on the Allen Avenue axis of Lagos told Legit.ng that they don’t load their ATMs because the cash is only for their customers.
“We only have cash for our customers. If we load the ATMs, our customers, and customers from other banks will use them, leading to scarcity.”
Some customers said they received insider information from bank staff that they would pay across the counter.
A customer who identified herself as Eunice Ojeleye said a security official at her bank divulged the information to her.
Bank customers get privileged
She said:
“I operate a PoS business, and I have some people who work in the banks where I have accounts which tell me when they have money. So, last night a security man in this bank called me to come early in the morning that the bank has some money to give customers.”
Other banks, such as Sterling, IBTC and Guarantee Trust Bank, had customers queuing at their doors, waiting to withdraw across the counter.
This comes amid denial by bank workers that they will shut down payment channels before the elections.
Bank workers debunk claims
Bank workers under the aegis of the Association of Corporate Affairs Managers of Banks (ACAMB) denied trending social media messages that the Central Bank of Nigeria (CBN) ordered Deposit Money Banks (DMBs) to shut down services for five days because of the Presidential and National Assembly elections scheduled for February 25, 2023.
President of ACAMB Rasheed Bolarinwa revealed this in a statement.
The statement reads:
“The attention of the Association of Corporate Affairs Managers of Banks (ACAMB), the umbrella body of Corporate and Marketing Communications Professionals working in Nigeria’s banking sector, has been drawn to the trending social media message purporting that the Central Bank of Nigeria (CBN) was shutting down banking services for five days from Thursday, 23rd to Monday, February 27, 2023, because of the general elections holding in Nigeria over next two weekends.
ACAMB, at this moment, wishes to debunk the fake news and assure Nigerians and the banking public that there is no iota of truth in the viral message being circulated.”
Bank workers demand clarification from CBN over old naira Notes, want new deadline
Legit.ng earlier reported that the Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI) had asked the Central Bank of Nigeria (CBN) to clarify its position on depositing old naira notes.
ASSBIFI President Olusoji Oluwole made the call on Sunday, February 19, 2023, during an interview with the News Agency of Nigeria (NAN).
CBN had said it had mandated commercial banks to assist in collecting old N500 and N1000 notes from members of the public with a limit of N500,000 and below.
Source: Legit.ng
