WE DON’T HAVE ANY CASH, FIDELITY BANK ON OLD NAIRA NOTES

The Central Bank of Nigeria (CBN) ordered commercial banks and other concerned financial institutions to accept and pay out older higher denomination banknotes, but some of the banks have yet to receive the old Naira notes from the apex bank in order to comply with the new directive, which took effect on Tuesday.

The Fidelity Bank Plc is one of the banks that have not yet complied with the mandate due to a lack of funds, according to on-the-spot checks conducted by this publication earlier on Tuesday.

The bank has not yet received the old Naira notes from the CBN, according to a senior bank officer who talked with our correspondent at an Abuja branch in the Utako Area.

“Neither CBN nor our head office have sent us the old notes. We shall begin disbursing as soon as we get. As it is, we have no cash at all, the official told our correspondent in an interview.

The bank has been taking old notes from customers, though.

The old N200, N500, and N1,000 banknotes will continue to be legal tender alongside the newly designed banknotes through December 31, 2023, the Central Bank of Nigeria (CBN) ordered during a meeting with the Bankers’ Committee on Sunday.

Hence, all parties involved are instructed to comply, the apex bank had stated in a statement released by its spokesperson, AbdulMumin Isa, earlier on Monday.