Old Banknotes: We Have No Cash – Fidelity Bank

Despite the directive of the Central Bank of Nigeria (CBN) to commercial banks and other concerned financial institutions to accept and pay out old higher banknotes, some of the banks were yet to receive the old Naira notes from the apex bank in order to comply with the new directive on Tuesday.

On-the-spot checks by this news platform on Tuesday revealed that Fidelity Bank Plc is one of those banks that were yet to comply with the directive for want of cash.

A senior official of the bank who spoke with our correspondent at an Utako District branch of Abuja, said they were yet to take receipt of the old Naira notes from CBN.

“We have not received the old notes from CBN or from our head office. When we receive, we will start paying out. As it is, we don’t have cash at all,” the official who spoke with our correspondent in confidence said.

However, the bank has been accepting the old notes from customers.

The CBN had on Sunday met with the Bankers’ Committee and directed that the old N200, N500 and N1,000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.

“Consequently, all concerned are directed to conform accordingly,” the apex bank had said in a statement that was issued by its spokesman, AbdulMumin Isa, earlier on Monday.