Economy

Life Returns To Warri With Return Of Old Naira Notes

Rita Enemuru, Reporting

LIFE is gradually returning to Warri and its environs as commercial banks, on Tuesday, commenced payment of old N500 and N1000 notes across the counter in Warri South Local Government Area Delta.

Stonix News had earlier reported that the governor of Central Bank of Nigeria (CBN), Mr. Goodwin Emefiele, late Monday, announced that the old N500 and N1000 notes remained legal tender till December 31, 2023 in accordance with the Supreme Court’s ruling.

Checks by Stonix News revealed that First Bank, United Bank for Africa (UBA), Heritage Bank and Sterling Bank, on Tuesday afternoon, had started dispensing the old naira notes over the counters.

Commercial banks like First Bank were paying maximum of N20,000 old notes while others like UBA were paying N10,000 maximum.

It was also gathered that although some banks still have customers waiting in the line outside to withdraw old notes, the queue has significantly shrunk compared to weeks ago.

One Mr. Oghenekobiruo who was waiting for his turn to withdraw, told our reporter that though the suffering of the past weeks due to the Naira policy was unbearable, he was happy that it was finally coming to an end.

A First Bank customer, who spoke anonymously, said that Nigeria was confused because he saw no reason people have to go through hell only for the money that caused the unrest to be brought back into circulation.

“If I say we don’t know what we are doing in this country, people will think I don’t know what I’m saying.

“I mean why would the CBN governor put us through hell because of his policies and later asked us to use the same money we were being punished for?

“Though it took a long time for the Supreme Court to reach the ruling that the old notes should still be in circulation, I am still happy that the governor of CBN complied,” he said.

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