LAGOSIANS TREK LONG DISTANCES AS PUBLIC TRANSPORT OWNERS REJECT OLD NAIRA NOTES
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By ‘Leke Yusuf
Lagosians were forced to trek long distances to and from their destinations on Tuesday as public transport owners refuse to accept old Naira notes as payment for transport fares.
School children, workers and traders received a rude shock as the conductors and drivers told them point blank that they cannot accept the old notes.
The drivers complained that filing stations and banks were not collecting the notes from them any longer.
Many people spoken to expressed fear that the situation could degenrate into a protest since members of the public are still finding it very difficult.
“There is so much tension in the land now. I am afraid that members of the public could go on the streets and protest”. a respondent said.
The Supreme Court of Nigeria last Wednesday restrained the Federal Government from implementing the February 10 Deadline of the old N200, N500 and N1000 naira notes to stop being legal tender.
Three northern states — Kaduna, Kogi and Zamfara — had in a motion ex-parte filed on February 3rd, prayed the apex court to halt the Central Bank of Nigeria (CBN) naira redesign policy.
A seven-man panel of the Supreme Court led by Justice John Okoro, in a unanimous ruling, granted an interim injunction restraining the FG, CBN, commercial banks etc from implementing the February 10, deadline for the old 200, 500 and 1000 Naira notes to stop being a legal tender.
The court further held that the FG, CBN, commercial banks must not continue with the deadline pending the determination of a notice on notice on in respect of the issue on February 15.
More state governments have filed to be joined in the suit, Ekiti. Ondo, Kano, Lagos and Rivers State have sought to be joined in the suit.
The Supreme Court has fixed Wednesday, February 15 to hear the plea of all parties.
The Centra Bank has also released guidelines to deposit their old naira notes.
GUIDELINES TO DEPOSIT OLD NGN1000, NGN500 AND NGN200 NOTES AT THE CBN
• Please note that this is a Cash Deposit Program not a Cash Swap Program.
You will not be issued new notes In exchange for old notes, instead your bank account will be credited after your account is validated by law enforcement.
This process may take up to 4 weeks.
• If the validation of account turns out negative, the Bank will return the deposited notes
• Third party deposits are not allowed, The account information provided must be that of the depositor.
• Members of the public are required to complete an online application form and generate a reference number before coming to the CBN.
Where a customer did not pre-fill their form, he/she will be given the opportunity to fill the form at the Branch.
• The Cash Deposit Window Is open to the public from February 15 — 17, 2023 between 9am to 2pm daily.
REQUIREMENTS
1. Reference cede generated from completed online application form fill on CBN Portal.
2 An active Deposit money Bank account e.g. Access, Zenith, GT, Keystone Banks.
3. A bank Verification Number (BVN)
4. A valid Federal Government issued identity card (NIN, Driver’s License, Voters Card, International Passport).
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