• News - South West - Osun
  • Updated: March 08, 2023

Customers Lament As Banks Resume N5,000 Cash Withdrawal In Osun

Customers Lament As Banks Resume N5,000 Cash Withdrawal In O

Even as some banks have resumed the daily withdrawal of N5,000, anxieties among customers have continued to rise.

Customers have continued to lament that many of the banks in the state capital, Osogbo have no new cash to give to them.

They also stated that some of the banks insisted that they only have the old Naira notes to dispense to their customers if they desired to collect them.

This according to the banks is meant to augment the scarcity of the new notes.

This is despite the Supreme Court Judgement which nullified the enforcement of new notes and extended the validity of the old N200, N500, and N1,000 till December 31, 2023.

It was gathered that the Central Bank of Nigeria (CBN) has insisted that the old and new N200, N500 and N1,000 were legal tenders.

The commercial banks insist that they are yet to be officially issued with a directive to that effect from the apex bank.

In another twist, some staff of commercial banks in Osogbo revealed that CBN did not give them enough cash to service their customers.

On Tuesday, only Keystone and Jaiz bank were observed giving their customers N5.000 new naira notes in addition to the old N200 notes.

Also, motorists within the state capital complained that filling stations were rejecting the old notes as a means of payment for services.

A bank customer, Adelayo Sofiat asked the financial managers in the country to factor out a solution to the situation.

"We cannot continue like this in this country. A solution should be found to this situation."

Oladiran Akeem called on the CBN to obey the Supreme Court and direct the commercial banks to start giving out the old notes to their customers.

"A situation where the Supreme Court has given judgement regarding the issue and the CBN is still dragging its foot is contemptuous in nature.

"That apart, the masses are still suffering and nothing is still being done.

"The president and the CBN should do the needful and avert this suffering we are all going through."

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