• About
  • Advertise
  • Privacy & Policy
  • Contact
Thebizhub
2020 Banking Industry Report
  • Home
  • Economy
    • All
    • Breaking
    • Business
    • Economy
    • Latest
    • Markets
    • Nigeria
    • Politics
    • Regulations
    • Sports
    • Uncategorized
    Nigeria loses three million oil barrels monthly – FG

    Reps invite ministers, firms over $2.4bn oil sale

    Global banking stocks dip over Silicon Valley Bank collapse

    Stock market capitalisation declines by N622bn

    Stock investors record N13bn loss in one week

    Airfares soar as foreign airlines hike exchange rate

    Airfares soar as foreign airlines hike exchange rate

    Currency in circulation drops to N1.38tn – CBN

    Banks confirm receiving more cash, load ATMs

    Petrol may hit N800/litre on subsidy removal – Marketers

    Fossil fuels and role of technology in energy transition

    Workers draw battle line over lingering naira scarcity

    Workers draw battle line over lingering naira scarcity

    ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

    ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

    Banks not receiving new Naira notes

    Banks not receiving new Naira notes

    Trending Tags

    • Sports
      • All
      • Breaking
      • Business
      • Economy
      • Latest
      • Markets
      • Nigeria
      • Politics
      • Regulations
      • Sports
      • Uncategorized
      Nigeria loses three million oil barrels monthly – FG

      Reps invite ministers, firms over $2.4bn oil sale

      Global banking stocks dip over Silicon Valley Bank collapse

      Stock market capitalisation declines by N622bn

      Stock investors record N13bn loss in one week

      Airfares soar as foreign airlines hike exchange rate

      Airfares soar as foreign airlines hike exchange rate

      Currency in circulation drops to N1.38tn – CBN

      Banks confirm receiving more cash, load ATMs

      Petrol may hit N800/litre on subsidy removal – Marketers

      Fossil fuels and role of technology in energy transition

      Workers draw battle line over lingering naira scarcity

      Workers draw battle line over lingering naira scarcity

      ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

      ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

      Banks not receiving new Naira notes

      Banks not receiving new Naira notes

      Trending Tags

      • Markets
        • All
        • Breaking
        • Business
        • Economy
        • Latest
        • Markets
        • Nigeria
        • Politics
        • Regulations
        • Sports
        • Uncategorized
        Nigeria loses three million oil barrels monthly – FG

        Reps invite ministers, firms over $2.4bn oil sale

        Global banking stocks dip over Silicon Valley Bank collapse

        Stock market capitalisation declines by N622bn

        Stock investors record N13bn loss in one week

        Airfares soar as foreign airlines hike exchange rate

        Airfares soar as foreign airlines hike exchange rate

        Currency in circulation drops to N1.38tn – CBN

        Banks confirm receiving more cash, load ATMs

        Petrol may hit N800/litre on subsidy removal – Marketers

        Fossil fuels and role of technology in energy transition

        Workers draw battle line over lingering naira scarcity

        Workers draw battle line over lingering naira scarcity

        ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

        ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

        Banks not receiving new Naira notes

        Banks not receiving new Naira notes

        Trending Tags

        • Regulations
          • All
          • Breaking
          • Business
          • Economy
          • Latest
          • Markets
          • Nigeria
          • Politics
          • Regulations
          • Sports
          • Uncategorized
          Nigeria loses three million oil barrels monthly – FG

          Reps invite ministers, firms over $2.4bn oil sale

          Global banking stocks dip over Silicon Valley Bank collapse

          Stock market capitalisation declines by N622bn

          Stock investors record N13bn loss in one week

          Airfares soar as foreign airlines hike exchange rate

          Airfares soar as foreign airlines hike exchange rate

          Currency in circulation drops to N1.38tn – CBN

          Banks confirm receiving more cash, load ATMs

          Petrol may hit N800/litre on subsidy removal – Marketers

          Fossil fuels and role of technology in energy transition

          Workers draw battle line over lingering naira scarcity

          Workers draw battle line over lingering naira scarcity

          ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

          ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

          Banks not receiving new Naira notes

          Banks not receiving new Naira notes

          Trending Tags

          No Result
          View All Result
          • Home
          • Economy
            • All
            • Breaking
            • Business
            • Economy
            • Latest
            • Markets
            • Nigeria
            • Politics
            • Regulations
            • Sports
            • Uncategorized
            Nigeria loses three million oil barrels monthly – FG

            Reps invite ministers, firms over $2.4bn oil sale

            Global banking stocks dip over Silicon Valley Bank collapse

            Stock market capitalisation declines by N622bn

            Stock investors record N13bn loss in one week

            Airfares soar as foreign airlines hike exchange rate

            Airfares soar as foreign airlines hike exchange rate

            Currency in circulation drops to N1.38tn – CBN

            Banks confirm receiving more cash, load ATMs

            Petrol may hit N800/litre on subsidy removal – Marketers

            Fossil fuels and role of technology in energy transition

            Workers draw battle line over lingering naira scarcity

            Workers draw battle line over lingering naira scarcity

            ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

            ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

            Banks not receiving new Naira notes

            Banks not receiving new Naira notes

            Trending Tags

            • Sports
              • All
              • Breaking
              • Business
              • Economy
              • Latest
              • Markets
              • Nigeria
              • Politics
              • Regulations
              • Sports
              • Uncategorized
              Nigeria loses three million oil barrels monthly – FG

              Reps invite ministers, firms over $2.4bn oil sale

              Global banking stocks dip over Silicon Valley Bank collapse

              Stock market capitalisation declines by N622bn

              Stock investors record N13bn loss in one week

              Airfares soar as foreign airlines hike exchange rate

              Airfares soar as foreign airlines hike exchange rate

              Currency in circulation drops to N1.38tn – CBN

              Banks confirm receiving more cash, load ATMs

              Petrol may hit N800/litre on subsidy removal – Marketers

              Fossil fuels and role of technology in energy transition

              Workers draw battle line over lingering naira scarcity

              Workers draw battle line over lingering naira scarcity

              ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

              ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

              Banks not receiving new Naira notes

              Banks not receiving new Naira notes

              Trending Tags

              • Markets
                • All
                • Breaking
                • Business
                • Economy
                • Latest
                • Markets
                • Nigeria
                • Politics
                • Regulations
                • Sports
                • Uncategorized
                Nigeria loses three million oil barrels monthly – FG

                Reps invite ministers, firms over $2.4bn oil sale

                Global banking stocks dip over Silicon Valley Bank collapse

                Stock market capitalisation declines by N622bn

                Stock investors record N13bn loss in one week

                Airfares soar as foreign airlines hike exchange rate

                Airfares soar as foreign airlines hike exchange rate

                Currency in circulation drops to N1.38tn – CBN

                Banks confirm receiving more cash, load ATMs

                Petrol may hit N800/litre on subsidy removal – Marketers

                Fossil fuels and role of technology in energy transition

                Workers draw battle line over lingering naira scarcity

                Workers draw battle line over lingering naira scarcity

                ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

                ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

                Banks not receiving new Naira notes

                Banks not receiving new Naira notes

                Trending Tags

                • Regulations
                  • All
                  • Breaking
                  • Business
                  • Economy
                  • Latest
                  • Markets
                  • Nigeria
                  • Politics
                  • Regulations
                  • Sports
                  • Uncategorized
                  Nigeria loses three million oil barrels monthly – FG

                  Reps invite ministers, firms over $2.4bn oil sale

                  Global banking stocks dip over Silicon Valley Bank collapse

                  Stock market capitalisation declines by N622bn

                  Stock investors record N13bn loss in one week

                  Airfares soar as foreign airlines hike exchange rate

                  Airfares soar as foreign airlines hike exchange rate

                  Currency in circulation drops to N1.38tn – CBN

                  Banks confirm receiving more cash, load ATMs

                  Petrol may hit N800/litre on subsidy removal – Marketers

                  Fossil fuels and role of technology in energy transition

                  Workers draw battle line over lingering naira scarcity

                  Workers draw battle line over lingering naira scarcity

                  ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

                  ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

                  Banks not receiving new Naira notes

                  Banks not receiving new Naira notes

                  Trending Tags

                  No Result
                  View All Result
                  Thebizhub
                  No Result
                  View All Result
                  Home Breaking

                  S’Court order on old notes: Banks in partial compliance, begin skeletal re-circulation

                  Agusto & Co. | March 7, 2023
                  Traders dare CBN, accept old N1,000, N500 notes
                  0
                  SHARES
                  5
                  VIEWS
                  Share on FacebookShare on TwitterWhatsapp

                  Deposit Money Banks in the country have begun partial compliance with the Supreme Court order approving the use of old N1,000 and N500 and N200 notes as legal tender for 10 months.

                  The Supreme Court had, last week ordered that the old naira notes should be allowed in circulation along with the new notes until December 31, 2023.

                  The court had said the Federal Government’s naira redesign policy contravened the 1999 Constitution.

                  On Monday, findings by The PUNCH revealed that commercial banks had begun partial compliance with the order even though the Central Bank of Nigeria and the Office of the Attorney General of the Federation kept mum on the matter.

                  Visits by our correspondents to several bank branches in Lagos, Abuja and other major cities revealed that some banks had commenced compliance with the Supreme Court order.

                  The CBN and the AGF office had refused to comply with previous orders by the Supreme Court on the controversial naira redesign policy.

                  Among others, the Supreme Court had on February 8, 2023 nullified the February 10 deadline stipulated by the CBN for the phasing out of the old naira notes.

                  The CBN and the AGF office however failed to comply with the directive.

                  While the CBN and AGF office failed to take a decision on the latest order by the Supreme Court order, some commercial banks on Monday began to pay their customers the old notes.

                  Several Gtbank branches in Lagos and Abuja paid customers the old N1000 and N500 notes on Monday, according to findings by The PUNCH. Also, several branches of the United Bank for Africa paid customers the old N1000 and N500 notes.

                  However, other commercial banks refused to paid their customers, saying they were awaiting CBN directive on the matter.

                  Findings by The PUNCH showed that the CBN had yet to issue a directive to banks on the matter but some banks relied on the Supreme Court ruling to go ahead with paying their customers.

                  “No clear official directive from CBN yet but we have to go ahead because customers are suffering. Also, the Supreme Court has ruled on it,’’ a top official of a tier-1 bank told The PUNCH on condition of anonymity.

                  However, officials of FCMB, Polaris Bank, Access Bank among others said they were still waiting for the CBN directive on the matter.

                  Meanwhile, all efforts to get the CBN to comment on the Supreme Court ruling failed as the acting Director of Corporate Communications Department, CBN, Dr Isa Abdulmumin, declined to comment.

                  Lagos banks

                  At the GTBank in Olowoira, Lagos, several customers were seen on queues collecting the old N500 notes from the bank’s cashiers.

                  However, The PUNCH observed that some bank customers rejected the old notes over fears that traders might not accept them as legal tender.

                  A customer, who simply identified himself as Benjamin said, “I came here very early and I was given number 208. I had to leave and come back and now I am still on the queue; I was expecting the queue would have stopped but it is still there, though not as long as it was before.

                  “The annoying thing now is that they are giving only the old N500 and N1,000 notes and I am not sure traders will accept the old notes from me.

                  However, several customers complained about scarcity of old notes in bank ATMs across several branches.

                  A customer, who came out of the GTBank branch in Ojodu Berger, said, “I was still here last week and the ATMs still dispensed new notes, even though I had to stay on a long queue to get to my turn. But now, you can see, all their ATMs are dry. None is dispensing money.”

                  At the Polaris Bank in Olowoira, many frustrated depositors stayed on queue and refused to leave even after the bank officials said the bank had closed for the day at 2pm.

                  “Speaking with our correspondent, the official said, “We don’t have the new and old notes to give anybody. We opened at 8am and closed at 2pm, and all we did was to attend to complaints, transfers and enquiries. All these people still standing outside are on their own because we are not attending to anybody today again.”

                  In Ojodu, our correspondent visited four banks which are located on Ogunnusi road.

                  At First Bank, there was a small crowd in front of the bank, waiting for the ATMs to be loaded with cash. The bank was shut, and when our correspondent inquired from one of the security guards, he said there was no cash to give out.

                  At Access Bank, our correspondent gathered that the bank had run out of cash.

                  The bank was however giving out tallies to customer it would attend to the following day.

                  A security guard told our correspondent that the bank paid some customers old naira notes in the morning but had run out of cash.

                  At Union Bank in the same area, there was no activity in the bank’s premises especially at the ATMs.

                  The story was the same at Ecobank, where the bank was shut. One security guard told our correspondent that the branch had been instructed by its head office to shut down operations by 1pm.

                  When asked why the bank did not pay out old notes following a Supreme Court order, our correspondent was told that the bank had yet to receive any directive from the CBN.

                  Meanwhile, a senior executive with Sterling Bank who would not want to be quoted, told our correspondent that some of its branches in the Ajah area of Lagos had received significant amounts of the old naira notes.

                  According to him, the bank’s customers who were apprehensive of the public perception surrounding the old notes refused to collect them.

                  He said, “Customers refused to collect the old notes. I was at three of our branches in Ajah today, and not a single customer agreed to collect the old notes.”

                   

                  Banks visited in the Mazamaza area of Lagos were not dispensing cash. They only attended to customers who needed customer care service.

                   

                  A customer who came out of the Union Bank branch in the area, Michelle Taju, said that the branch neither had network nor cash.

                  “They don’t have network and they don’t have cash; old or new. I have been told to come back.”

                  Also, a banker told our correspondent that they had yet to get any directive from its headquarters on the Supreme Court ruling.

                  “We are still waiting for directives on the Supreme Court ruling, nothing yet,” she said.

                  Abuja banks

                  When our correspondent visited Access Bank, Zenith Bank and Wema Bank in the Federal Secretariat area of Abuja on Monday, it was observed that the banks had yet to commence paying customers with the old N500 and N1,000 notes after the Supreme Court order.

                  At the Access Bank in Federal Secretariat, when our correspondent asked the security man if the bank had commenced paying customers with the old currency, he said, “Not yet because there is no cash.”

                  At Zenith Bank, it was observed the lender was not paying cash because it had run out of old and new notes.

                  At the Wema Bank in the same area, the situation was the same.

                  It was further observed that none of the ATMs of these banks was dispensing cash.

                  Meanwhile, motorists continued to reject the old notes despite the court order.

                  A bus driver plying Mile 2-Oshodi route stopped at Second Rainbow bus stop and asked a passenger to get down after he gave his conductor old N1,000 note.

                  This provoked reactions from other passengers.

                   

                   

                  “You cannot blame the driver, until our Buhari speaks, we cannot be sure,” a passenger said.

                  A trader on Airport Road in Ibadan, who supplies food stuff and essential items to customers in Lagos, Jumoke Edwards, told our correspondent on Monday that she was not collecting the old notes.

                  She said, “This is because ever since the Supreme Court gave its ruling on Friday, we have not heard from the CBN in that regard. As for me, until the CBN corroborates the Supreme Court order, I will not collect old naira notes from anybody.”

                  The confusion in the economy had continued to mount despite calls from several quarters, urging the Federal Government to direct the CBN to comply with the court ruling.

                  This came as many continued to decry the negative effect of the naira crunch on their businesses and living standard.

                  The Socio-Economic Rights and Accountability Project had urged Buhari to immediately obey the Supreme Court.

                  SERAP urged Buhari “to disclose the measures that your government is taking to direct the CBN to immediately re-circulate the old N200, N500, and N1,000 notes, as ordered by the Supreme Court.”

                  Previous Post

                  Naira redesign: Buhari, CBN yet to respond to Supreme Court ruling three days after

                  Next Post

                  Anchor borrowers: CBN faults IMF’s poor rating

                  Admin

                  Admin

                  Next Post
                  CBN grants Xpress Payments mobile money licenceCb

                  Anchor borrowers: CBN faults IMF’s poor rating

                  Opinion Poll

                  2023 Insurance Industry Report2023 Insurance Industry Report2023 Insurance Industry Report
                  FSDHFSDHFSDH
                  • Trending
                  • Comments
                  • Latest
                  Banks not receiving new Naira notes

                  Banks not receiving new Naira notes

                  March 22, 2023
                  News of impending flood sends jitters across Ogun, Lagos communities

                  News of impending flood sends jitters across Ogun, Lagos communities

                  August 22, 2020
                  Petrol may hit N800/litre on subsidy removal – Marketers

                  Fossil fuels and role of technology in energy transition

                  March 24, 2023
                  Workers draw battle line over lingering naira scarcity

                  Workers draw battle line over lingering naira scarcity

                  March 23, 2023
                  Nigeria loses three million oil barrels monthly – FG

                  Reps invite ministers, firms over $2.4bn oil sale

                  March 28, 2023
                  Global banking stocks dip over Silicon Valley Bank collapse

                  Stock market capitalisation declines by N622bn

                  March 28, 2023

                  Stock investors record N13bn loss in one week

                  March 27, 2023
                  Airfares soar as foreign airlines hike exchange rate

                  Airfares soar as foreign airlines hike exchange rate

                  March 27, 2023

                  Recent News

                  Nigeria loses three million oil barrels monthly – FG

                  Reps invite ministers, firms over $2.4bn oil sale

                  March 28, 2023
                  Global banking stocks dip over Silicon Valley Bank collapse

                  Stock market capitalisation declines by N622bn

                  March 28, 2023

                  Stock investors record N13bn loss in one week

                  March 27, 2023
                  Airfares soar as foreign airlines hike exchange rate

                  Airfares soar as foreign airlines hike exchange rate

                  March 27, 2023
                  Thebizhub

                  Powered by Agusto & Co.

                  • About
                  • Advertise
                  • Privacy & Policy
                  • Contact

                  ©2019 Thebizhub.ng .All Rights Reserved

                  No Result
                  View All Result
                  • Home
                  • Economy
                  • Sports
                  • Markets
                  • Regulations

                  ©2019 Thebizhub.ng .All Rights Reserved