There was not the anticipated rush to deposit the old Naira notes as the deadline approached, when they would cease to be legal tender.
Yesterday, our reporters went to several banks in Abuja, the nation’s capital, and all of them were unusually quiet.
Because their staff claimed that they had not received any new notes from the Central Bank of Nigeria (CBN) the day before, some of the visited branches did not even open to customers; While those that did open were later than usual, there were four: closing time of 00 p.m.
One of the tier one banks sent messages to its customers earlier in the day to remind them that the deadline for the old N200, N500, and N1,000 Naira notes to cease being legal tender was quickly approaching. The messages also advised the customers to deposit these notes in the bank before it was too late.
People were worried about whether or not the Central Bank of Nigeria would be allowed to keep the February 10 deadline.
Our correspondents who met with customers at the locations of various banks reported that the deadline and the ongoing scarcity of new Naira notes were the most talked-about topics.
Even the Point of Sale (POS) operators, who used to be the last resort for the majority of people, did not have the sought-after currency to dispense yesterday, indicating that the scarcity of the new notes continued.
Anyone who drew N10,000 in the new notes two weeks ago was required to pay N1,500. The cost of withdrawing N10,000 had decreased to N2,000 by last week and early this week.
However, most POS establishments had already closed yesterday. Old notes were being distributed by the few that were operating, and the cost had increased from N1,000 to N2,000.
They blasted the Automated Teller Machines (ATMs) for forcing them to leave without being able to withdraw any money, despite waiting in long lines.
Our correspondents only saw one Sterling Bank branch in Area 8, Garki, which was dispensing, with a line of customers waiting to take their turn. As a result, almost all of the ATMs in the over 18 banks’ branches that our correspondents visited were empty.