Chaos as banks, petrol stations, transporters, market women derecognize old currencies as legal tender 

As the cash crisis worsens affecting lives and livelihoods, the old Naira notes are being rejected as legal tender by banks, filling stations, commercial vehicle and motorcycle operators and market women in violation of the ruling of the Supreme Court.

The apex court had restrained the Federal Government from enforcing the February 10 deadline it earlier for the old notes swap for the newly redesigned banknotes, Persecondnews recalls.

Amid nationwide cash crisis, CBN Governor Godwin Emefiele on Monday met with the President Muhammadu Buhari at the Presidential Villa, the third in two weeks.

On February 8, the governments of Kaduna, Kogi and Zamfara states had secured the order of the apex court extending the deadline beyond February 10 stipulated by the CBN on the use of the old notes.

A seven-member panel of the apex court, led by Justice John Okoro directed that the deadline be suspended till Wednesday when the proceedings would continue even as other states had applied to join the suit.

PSN reports that filling stations, commercial banks, market women, eateries and transporters are no longer  collecting the old naira notes from people.

Also, Point-of-Sales (POS) agents could not deposit the old N1,000, N500 and N200 notes collected from depositors at the banks, insisting that the deadline of February 10 had lapsed.

The bank officials claimed they were acting on the Central Bank of Nigeria’s instructions.

Even lawyers and litigants at courts in Lagos State were unable to file their court processes using the old naira notes for payment.

Attendants at Mobil filling station at First Gate bus stop along Lagos-Badagry Expressway and Fatgbems stations in Lagos and in Ogun rejected the old naira notes, warning motorists, tricyclists, motorcyclists and buyers that old notes would not accepted before they are served petrol.

The same situation persisted at the banks as they did not recognize the old currency as legal tenders.

Banks also refused to dispense the new notes as people queue up, claiming their headquarters had  instructed them not to collect the old naira notes.

A resident, who identified himself as Julius said the branches of Access Bank and UBA in the town refused to accept the old currencies from depositors.

“What is happening in his country? My wife visited some banks only to be told that the banks were no longer accepting the old notes.

“Some PoS agents who visited some bank were also informed that the bank was no longer accepting the old notes based on a directive from the CBN. I thought the Supreme Court ruled that the notes are still legal tender,” she said.

However, a UBA branch at the Central Business District in Abuja, collected the old notes from customers.