Friday, July 17, 2026

Bank customers decry scarcity of new naira notes at ATMs, POS

At Ecobank at Ikpoba Hill, bank customers could only withdraw N5,000 with the new notes across the counter, while the bank’s ATM was not dispensing cash.

• January 25, 2023
ATM queue
Photo of ATM queue used to illustrate this story [Photo credit: The Guardian]

Bank customers in Benin have decried the scarcity of the new naira notes at Automated Teller Machines (ATMs) and Point of Sales (POS).

The Central Bank of Nigeria CBN) announced January 31, 2023, as the deadline for the use and deposit of old N200, N500 and N1,000 banknotes in banks.

The apex bank has also threatened to sanction banks still dispensing the old notes through their (ATMs).

Grace Emeka, a petty trader at Oregbeni market, said she was still accepting the old naira notes from her customers.

Ms Emeka, however, said she would stop collecting the old notes by January 29 to avoid having to rush to deposit the old notes at the bank by January  30 and 31.

She said, “the new notes are scarce. None of my customers has used the money to buy something from me since the new notes were released into circulation.”

Moses Idemudia, a POS operator, said he was still doing withdrawals and deposits with the old naira notes due to the scarcity of the new notes

“Many bank customers want the new money but it is not available and the limited supply might cause a hike in the fees we usually charge for withdrawals and deposits,” he said.

Larry Enabulele, the coordinator, Edo Civil Society Organisation, Igueben Local Government Council Study Centre, said most traders in the council had stopped accepting the old Naira notes

“Today being January 25, some traders and shop owners have stopped accepting the old N200, N500 and N1000 notes.

“The new notes are not in circulation. We have deposited our old notes in the bank and we cannot buy foodstuff from local women.

“The CBN agents have yet to arrive in the local government council to swap the old notes for the new notes,” he said.

He urged the CBN to extend the deadline by six months on the stoppage of the use of the old notes to avoid unnecessary panic among rural dwellers.

It was, however, observed that ATMs at Wema Bank, UBA and First Bank, at Akpakpava Road axis of Benin were dispensing the new Naira notes, but with limits of N20,000 to N30,000 withdrawal.

At Ecobank at Ikpoba Hill, bank customers could only withdraw N5,000 with the new notes across the counter, while the bank’s ATM was not dispensing cash.

Favour Lucky, a customer at Ecobank, expressed displeasure over the N5,000 withdrawal limit, noting that he wanted to withdraw N40,000 to pay a client who requested cash and not a transfer.

“CBN has to extend the deadline because it is making the masses go through unnecessary stress.

“Some clients don’t want transfer as payment, especially petty traders, they will even tell you that they don’t have a bank account,” he said.

(NAN)

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

farmers

Agriculture

FG tasks ECOWAS on leveraging financing strategies for agroecology

The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

States

Court jails three drug offenders in Enugu

Three first-time drug offenders were sentenced to eight months’ imprisonment each after they pleaded guilty to separate charges of unlawful possession of illicit drugs.

Africa

20 children killed in school bus crash in Uganda

A school bus carrying pupils veered off the road in eastern Uganda on Thursday, killing 20 schoolchildren and a teacher in Kapchorwa district.

Cynthia Erivo, Yvonne Orji, Wumni Mosaku, Damson Idris, Ayo Edebiri, Uzo Aduba, Chiwetel Ejiofor, John Boyega, David Oyelowo, Adewale Akinnuoye-Agbaje

Diaspora

Beyond Nollywood: List of Nigerian actors who light up Hollywood

Nigerian actors and actresses, whether born in the diaspora or raised abroad, have become household names in Hollywood.

Anthony Ikenwe, Kevin Nwamma

Anti-Corruption

How Nigerians Anthony Ikenwe, Kevin Nwamma pulled off multimillion-pound crypto heist in UK, end in jail

Messrs Ikenwe, Nwamma and one other crook were living lavish lifestyles, buying cars, designer clothes, and Rolexes, and going on numerous luxury holidays.

Released Oyo hostages

Education

UNICEF praises Nigerian government for rescuing kidnapped Oriire schoolchildren

UNICEF has commended the Nigerian government for rescuing 39 abducted schoolchildren and five teachers in Oyo state.

Yobe State Governor, Mai Mala Buni

States

Yobe governor to spend N73 billion on agric empowerment, other projects

The Yobe government has approved N73.3 billion for various projects and services in the state.