FOLLOWING the ruling of the Supreme Court on Friday, March 3, 2023, for the continued use and circulation of the old #200, #500, and #1,000 until December 31, 2023, bank customers were seen in long queues in the early hours of today, Monday, March 6, 2023.
Crowds were seen at the entrance of banks along the Idimu-Egbeda road. The customers, who were said to have been there since about 7 am to obtain their numbers, are present to withdraw cash from their respective banks.
ICYMI: SUPREME COURT ORDERS CONTINUED USE OF OLD #200, #500, #1000 NOTES UNTIL DECEMBER 31
The CBN policy has, over the past month, taken its toll on the people, with the issue taking various dimensions. Foremost of these is the hike in PoS transaction fees, which has now increased to #300 or #400 for every #1,000 withdrawal, coupled with failed bank transfers and declined transactions.
If the customers are fortunate to get their monies, they may have to pass through another hurdle - getting traders to accept these monies, as most of them say they would not accept it as a means of a transaction until the President or CBN Governor gives a directive to such effect, despite the ruling of the Supreme Court.
