President, CBN mute cause rejection of old N500, N1000
*Banks in shock as customers refuse to accept old currency; •Implement cash withdrawal limits THE enthusiasm that greeted the Supreme Court judgement that the old N500 and N1,000 notes should be in use till December 31st 2023, has dissipated as widespread rejection of the old notes by bank customers, transporters and other businesses affected the financial and economic space. The rejection of the old notes is driven by continued silence of the Federal Government and the Central Bank of Nigeria, CBN, on the court judgement. Banks implement cash withdrawal limits Meanwhile, banks have started effecting cash withdrawal limit of N100,000 per week for individual customers. However, the money is paid in old banknotes which most customers refused to collect. According to a top bank official, customers are insisting that there must be an official statement approving the old N500 and N1,000 notes as legal tenders before they can accept the notes. Speaking on condition of anonymity, t...