Following the third day of complete implementation of the Supreme Court ruling on the legal tender status of the old Naira banknote, cash transmission has improved in major cities across Nigeria, even though normalcy appears to be taking a while to return.
According to research, banks have started dispensing outdated banknotes today over counters and through ATMs.
However, just as banks are now taking outdated banknotes, the majority of merchants and service providers do as well.
The availability of just old banknotes was indicated by the ATMs and banking, suggesting that the banks had run out of fresh Naira notes.
A bank employee in Lagos claimed that beginning this week, most banks, including her own, have not received supplies of the new banknotes.
Additionally, our research shows that banks continue to impose daily cash withdrawal caps of N10,000 per customer.
However, due to a cash shortage at the time of the visit, several banks were not dispensing currency notes. One of the banks’ security staff reported that the cash was spent earlier before the visitor arrived.
Meanwhile, in markets visited traders were seen accepting the old naira banknotes.
A businessman who had collected the old notes from a bank ATM in Lagos, said he bought petrol with the money and it was accepted. Motorists and traders in the vicinity also accepted the old currency notes.