Business
Naira Scarcity: Bank Affirms Receiving Old N500, N1000 Notes
According to an Access Bank official, the bank began accepting old N500 and N1000 notes from customers on Monday after they completed the Central Bank of Nigeria’s paperwork for a cash exchange.
This was disclosed by the Head Media Relations Unit, Access Bank Plc, Abdul Imoyo, to Daily Post.
Giving an update on the state of things across its branches amid the currency crisis, Imoyo said normalcy is gradually returning to the banking system.
READ ALSO: Fresh Plot To Arrest, Prosecute CBN’s Governor, Emefiele Surfaces
“Our branches have started collecting the old notes from customers from Monday. However, it is strictly for customers who have filled out cash swap forms from the Central Bank of Nigeria. The guideline is the same as CBN earlier stated”, Imoyo stated.
Earlier, there has been confusion in commercial banks over CBN’s conflicting directives on the old naira collection.
CBN has insisted on the February 10 deadline to phase out the old notes (N500 and N1000) according to its naira redesign policy despite the Supreme Court restraining order.