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Nigerians can’t withdraw old, new notes from banks, ATMs despite extension

Published

2 years ago

January 31, 2023

Despite extension of deadline for the circulation of old N1,000, N500 and N200 notes to February 10, bank customers continue to face frustration, as ATMs were largely empty across the country.

The few that had the new naira notes had very long queues, with customers standing for many hours to take their turns. Even after queuing, some returned home empty-handed as available cash in ATMs was exhausted.

This is as traders in many markets at the nation’s commercial capital of Lagos have refused to accept old naira notes from customers for fear of recording losses in their operations.

Traders, who spoke to The Guardian, demanded that the Central Bank of Nigeria (CBN) and the Federal Government increase availability of the new notes to mitigate hardship.

According to a trader at Oshodi market, Chima Nnadozie, “people still have the old notes and they are finding it nearly impossible to deposit them in the banks due to congestion and overcrowding. That is why some of us decide not to collect the old money again until the new notes are available and easily accessible to all.”

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Point of Sales (PoS) operators were, yesterday, in brisk business, as they charged 10 per cent for withdrawals. For instance, anyone who withdrew N10,000 new notes, was charged N1,000; while old notes attracted between N200 and N500. Most operators said they did not have new notes to dispense to customers.

According to a Point of Sale (PoS) operator, Femi Akande, customers who came to withdraw from his stand refused to accept old notes as they preferred new ones

“If customers come to withdraw money and you give them the old notes, they no longer accept it, because they are afraid traders won’t accept it from them,” he said.

A customer said he had queued at two different ATMs, belonging to different banks, but could not withdraw any money because the notes were exhausted before it was his turn.

He said even his attempt to withdraw old notes at the counter did not yield positive results, as he was told that banks were instructed not to pay old notes of the affected denominations.

It was gathered that banks that had bank notes could only dispense the N100 and N50 denomination and pegged Over The Counter (OTC) withdrawals at only N10,000 per customer.

A bank official said they were under strict directives of CBN not to pay any customer more than N10,000 of the lower denominations.

Guardian

Related Topics:ATM Naira Nigerians withdraw

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BREAKING: FEC proposes N47.9 trillion budget for 2025 fiscal year

Published

6 hours ago

November 14, 2024

Trends Admin

BREAKING: FEC proposes N47.9 trillion budget for 2025 fiscal year

The federal government has unveiled a proposed budget of N47.9 trillion for the 2025 fiscal year.

Atiku Bagudu, Minister of Budget and Economic Planning, disclosed this to journalists on Thursday following the Federal Executive Council (FEC) meeting chaired by President Bola Tinubu.

Bagudu revealed that the council had approved the Medium-Term Expenditure Framework (MTEF) for 2025-2027.

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According to the minister, the government has pegged the crude oil benchmark at $75 per barrel, with an oil production target of 2.06 million barrels per day (bpd).

The budget also sets the exchange rate at N1,400 per dollar and aims for a gross domestic product (GDP) growth rate of 6.4%.

BREAKING: FEC proposes N47.9 trillion budget for 2025 fiscal year

metro

EFCC arrests ex-NCMB boss over $35m energy project fraud

Published

6 hours ago

November 14, 2024

Trends Admin

EFCC arrests ex-NCMB boss over $35m energy project fraud

The Economic and Financial Crimes Commission (EFCC) told FIJ that they have arrested Timber Wabote, the former executive secretary of the Nigerian Content Development and Monitoring Board (NCMB), on the grounds of a failed $35 million Bayelsa refinery project fraud.

Dele Oyewale, the EFCC’s spokesperson, confirmed this to FIJ on Thursday.

“It is true,” Oyewale responded to FIJ’s inquiries.

Wabote is accused of misappropriating public funds for a refinery project that should have improved local energy production.

Vanguard reported that the NCDMB under Wabote paid $35 million to support the development of energy infrastructure in the Brass Local Government Area of Bayelsa, yet there was nothing to show for it.

The EFCC picked Wabote up following the arrest of Akintoye Adeoye Akindele, the Managing Director of Atlantic International Refinery and Petrochemical Limited, for alleged misappropriation, money laundering and diversion of $35 million in public funds.

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“NCDMB under the watch of Wabote allegedly paid the $35 million to Akindele to build a 2,000 barrel per day (BPD), refinery, jetty, gas plant, power plant, data centre and tank farm at Brass free trade zone (FTZ), Okpoama Community in Brass LGA of Bayelsa State,” a source with the EFCC had explained.

Since December 2020 when the payments were made, Akindele abandoned the project with little or nothing to show for the huge sum he received.

Preliminary investigations showed that Wabote’s NCDMB financed 17 different projects, including the 2,000 BPD refinery in Brass LGA.

There has been a series of public fund misappropriation cases in the energy sector in recent times.

FIJ earlier reported that members of the House of Representatives summoned three ministers to defend how over $2 billion was spent on renewable energy with not much to show for it.

A recent FIJ report also recently detailed how residents of Yenagoa, the capital of Bayelsa, have not had power in their homes since July due to the vandalisation of the Ahoada-Yenagoa transmission towers caused by unidentified persons.

The Bayelsa state government told FIJ it was the federal government’s responsibility to provide electricity for residents. The state has no renewable energy options reliable enough to power its capital despite the multi-million-dollar NCMB energy project.

Transparency in the energy sector has become necessary at a time when Nigerians have suffered power instability due to frequent grid collapses.

EFCC arrests ex-NCMB boss over $35m energy project fraud

metro

Court adjourns Yahaya Bello’s trial till Nov 27

Published

7 hours ago

November 14, 2024

Trends Admin

Yahaya Bello

Court adjourns Yahaya Bello’s trial till Nov 27

The Economic and Financial Crimes Commission (EFCC) has requested an adjournment in the new case against the immediate past Governor of Kogi State, Yahaya Bello, stating that the 30-day window for the previously issued summons is still active.

The commission has granted administrative bail to his co-defendants, Umar Oricha and Abdulsalami Hudu, and asked the court for an extension of time for Bello to appear.

At the resumed hearing before Justice Maryann Anenih of the Federal Capital Territory High Court, Abuja, EFCC Counsel Jamiu Agoro noted that the court’s order from October 3rd had not yet expired.

“In that wise, we feel it will not be appropriate for us to take proceedings while that 30 days is still running. So we have discussed and agreed to come back on the 27th day of November, 2024, my lord,” he told the court.

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He also mentioned that the previously set date of November 20th was not convenient for the prosecution counsels.

Counsel to the second defendant, Aliyu Saiki, SAN, confirmed that his client had been granted administrative bail by the prosecution and had no objection to the adjournment request. The third defendant’s counsel, ZE Abass, concurred.

The prosecution counsel also requested the court to allow the notice of hearing to be pasted on the last known address of the first defendant.

After hearing from all counsels, the judge granted the EFCC’s application for adjournment and the issuance of the hearing notice.

“I have considered the application for adjournment by the complainant and issuance of hearing notice and the submission by the second and third defendants. The application is granted,” she said.

Justice Anenih then adjourned the case to November 27th for arraignment.

The former governor, alongside Umar Oricha and Abdulsalami Hudu, are being prosecuted as 1st to 3rd defendants, respectively, in a fresh 16-count charge instituted against them by the EFCC.