Depository banks have started distributing old N1,000 and N500 banknotes to customers due to uncertainty over whether the Central Bank of Nigeria will release the old notes in custody.
This comes about 24 hours after CBN Governor Godwin Emefiele announced that his old N1,000, N500 and N200 banknotes would remain legal tender.
But despite his CBN statement on Monday night, Nigeria's labor parliament on Tuesday insisted on his seven-day ultimatum given to the federal government to end the cash crisis.
Top Bank's position follows weeks of turmoil over the legal status of legacy currencies, amid a series of Supreme Court rulings in a legal battle between some state and federal governments.
CBN's statement was meant to put an end to the shortage of old and new naira notes that has been plaguing the Nigerian public, but the results of The PUNCH on Tuesday suggested the naira crisis may not be over anytime soon. showed that there is An investigation by our correspondent revealed that banks were allocating old banknotes to customers via over-the-counter payments, and some lenders were loading ATMs.
However, most of the lenders in Lagos, Abuja, Ogun, Kwara and other states only paid her N5,000 to each customer through the counter, while some banks only paid her N10,000. was not
Further results showed that only a few banks loaded their ATMs and most of them only withdrew N5,000.
Top banking executives have revealed that most of the banks paid out what was left in their vaults after transferring large amounts of old naira deposits to CBN weeks ago.
Lenders also paid customers from small new deposits made by customers, other officials said.