• Business - Companies
  • Updated: December 16, 2022

Commercial Banks Run Out Of New Naira Notes

Commercial Banks Run Out Of New Naira Notes

It has been observed that several bank branches have run out of small quantities of the new naira notes allocated to them from their head offices, especially in Lagos and Abuja.

According to a report from Punch, several bank branches are yet to get their new note allocations.

An official of Access Bank Plc at the Ojodu branch in Lagos, who spoke on condition of anonymity because he was not authorised to speak on the matter, said, “Each cashier was given N100,000 of the new N1,000 bill for onward disbursements to customers seeking over-the-counter payments.

"We don’t have the other denominations of N500 and N200 yet.

"We don’t have enough supply of the new notes for now.”

An official at GTbank who declined to give her name said that the new notes are not available.

She said, “No, you can’t make cash withdrawals of the new notes.

"The best we can do for you is to mix the amount you are withdrawing with old notes.”

Also, ATMs at bank branches are still dispensing only old naira notes.

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