New Naira: Banks Run Out Of Notes As Demand Soars

Banks Across that country ran out of the new naira notes as demands soared on the first day. 


The newly redesigned N1,000, N500 and N200 bills which became legal tender on Thursday, December 15, 2022, were unable to meet the demands of customers in banks as Mixed reactions greeted the disbursement of the new naira notes.

Also: It’s Impossible To Counterfeit New Naira Notes- Buhari Assures


Newsonline gathered following the official release, many bank customers demanded for the new notes while a few others snubbed the latest bills in banking halls across major Nigerian cities.

Recall that President, Major General Muhammadu Buhari (retd.), unveiled the newly redesigned N1,000, N500 and N200 bills three weeks ago at the weekly Federal Executive Council meeting.


The CBN Governor, Godwin Emefiele, had on October 26 announced plans to redesign the N200, N500 and N1,000 notes, while also declaring that the old denominations would cease to be a legal tender by January 31, 2022.

Banking halls visited in several cities across the country, especially in Lagos and Abuja on Thursday, ran out of the small quantities of the new notes allocated to them from their head offices as early as 12 noon, PUCH reports.

Further findings revealed that several bank branches were yet to get their new note allocations with many bank officials informing our correspondents that the new notes were still being expected.


Lagos Banks

In bank branches visited in Lagos, a number of the bank branches had run out of their new note allocations when our correspondents visited the places. However, officials at some of the centres which still had the new notes said their allocations were very small.

An official of Access Bank Plc at the Ojodu branch in Lagos, who spoke on condition of anonymity because he was not authorised to speak on the matter, said, “Each cashier was given N100,000 of the new N1,000 bill for onward disbursements to customers seeking over-the-counter payments.  We don’t have the other denominations of N500 and N200 yet. We don’t have enough supply of the new notes for now.”

It was observed that the ATMs at the bank branch were dispensing only old naira notes.

Customers were also seen depositing the old bills over the counter, while cashiers were paying out more of the old naira notes at the centre.

However, in a few instances, the cashiers were seen mixing a few new naira notes with the old bills in their OTC payments.

Meanwhile, in some of the banking halls visited by our correspondents, some customers snubbed the new notes due to reports that some local traders were rejecting them as legal tender.

As such, some of the bank customers refused to collect the new notes for over-the-counter payments.

Confirming the situation, a bank teller in Ogba, Lagos told one of our correspondents that, “Some customers have been rejecting the new naira notes whenever we give them; they said the new notes would not be collected from them in the market; they prefer the old notes.”

At the bank, a cashier told a customer demanding the new notes she had exhausted her allocation.

However, when the customer insisted on having his payment in the new notes, the cashier approached his colleague to demand for some.

“You are eager to get the new notes but many of the customers I attended to today refused to take it from me,” the cashier said.


Abuja banks

In the Federal Capital Territory, Abuja, only one of the 10 bank branches visited paid their customers using the new notes. Also, only one of the ATM centre dispensed the new naira notes among the several ATM galleries visited by one of our reporters in the FCT.

The Guaranty Trust Bank, First Bank Plc, Zenith Bank Plc, Taj Bank and Access Bank Plc situated at Jabi Garage and the Central Business District were also visited.

None of the tellers in the bank branches was seen paying their customers in the new notes via the counters.

However, only the Access Bank ATM in the area was seen dispensing new N1,000 and N500 notes.

It was observed that the ATM dispensed N1,000 in every N10,000 withdrawal.

At GTBank, Jabi branch, our correspondent observed that the ATM dispensed old N1,000 notes to customers.

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