Commercial Banks In Kano Are Refusing Outdated Naira Notes, Causing Tension.

Concern is growing as commercial banks in Kano refuse to serve clients using obsolete naira notes.

According to information obtained by our reporter, banks are not providing consumers with fresh naira notes in exchange.

According to The Guardian, several financial institution locations in the city have already stopped operating in anticipation of potential outbursts from irate clients. Additionally, it was noted that there was a strong security presence at the few banks that were open for business.

The Supreme Court recently issued an injunction prohibiting the Central Bank of Nigeria (CBN) and the Federal government from enforcing the deadline of February 10 for accepting the previous legal currency, but the apex bank has shown no sign of agreeing with the ruling.

Residents who talked with The Guardian at several banks expressed their dissatisfaction about the institutions’ rejection of old notes and the dearth of fresh ones.

One of the clients, Muktar Yakubu, said that the GTBank on Zaria Road refused the old notes and that he was only able to have N5,000 in fresh notes on the counter. Because so many people are lining up to use the new notes, he worries that the Automated Teller Machine ATM is a no-go area.

Similar to this, Abubakar Aminu said that Fidelity Bank on Zoo Road had printed fresh N5,000 notes on the spot after flatly rejecting the previous ones. After the supreme court verdict, the outraged consumers questioned why the banks would continue to treat them harshly.

In a same vein, Idris Jamilu regretted placing all of his money in banks a few weeks ago due to the current challenges in getting access to it. He said that since Zenith Bank on Zoo Road has closed its doors, attempts to withdraw cash from ATMs have been unsuccessful.

The respondents bemoaned the high fees operators now impose on each transaction as the reason why consumers declined to utilize the POS service to cash their money.