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Confusion as Banks paying old Naira notes to customers, Traders, fuel stations rejecting it

Confusion as Banks paying old Naira notes to customers, Traders, fuel stations rejecting it

Reports emerged on Tuesday that some commercial banks in Ibadan paid customers old N500 and N1,000 notes, but the notes were still being rejected by filling stations and traders in the Oyo State capital.

According to The Nation, the situation offered some form of respite for many customers who stormed the banks as early as possible.

Although, there were long queues at most banks, many customers expressed happiness they could access fund and got tangible amount.

It was gathered that particularly Access Bank around Bodija, Ibadan paid with the old naira notes.


Sources also confirmed banks paid between N10, 000 and N20, 000 as against the N2,000 per customers in the past weeks.

However, some business owners, traders and particularly filling stations in some places visited rejected the old notes.

In separate chats with The Nation, those who rejected the notes expressed fear and uncertainty owing to what they described as silence of the Central Bank of Nigeria(CBN) on the recent Supreme Court ruling.

Many business owners who accepted the old notes exchange them for lower values.

Some of the sources said until they hear from the CBN, they may not accept the old notes.

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