Bank workers and customers have complained about the poor condition of the old naira notes that the Central Bank of Nigeria (CBN) has re‑introduced into circulation as the new notes gradually disappear. Tell‑ers who pay cash to customers and staff in bulk rooms, where large cash deposits are processed, are especially worried that the dirty, mutilated notes could spread disease.
A teller at a New Generation Bank branch in Ibafo, Ogun State, who asked to remain anonymous, told a correspondent that handling the so‑called “dirty” notes is a real source of concern for her and her colleagues, particularly those in the bulk room. “The fear of contracting diseases is real,” she said. “Since the old notes were re‑circulated, the N1,000, N500 and N200 notes we receive to pay customers are mostly dirty and mouldy. Some bundles smell bad, and we have gone back to wearing nose masks to protect our health.” She added that last week two bulk‑room workers began coughing, prompting the branch manager to send them home for treatment. “We now cover our mouths and noses with face masks and keep hand sanitiser at strategic points. The condition of the old notes is making many people sick, and even customers are complaining, but they cannot refuse the notes because of the naira scarcity over the past three months.”
In Lagos, trader Alhaji Sarafadeen Akanbi withdrew N500,000 over the counter on Thursday and was shocked by the state of the cash he received. “I needed the cash urgently, so I used my relationship with the bank staff, including the branch manager, to withdraw N500,000, even though the limit for other customers is N20,000,” he said. “When the money was handed to me, it was dirty, smelly and mutilated. I complained to the manager, who told me I could fill out a deposit slip and have my account credited if I was dissatisfied, because that was all that was available.” After sorting the money, he could only obtain about N150,000 in usable notes; the remainder had to be returned because his payees would not accept the damaged currency.
Many customers in Lagos and Ogun states still could not withdraw cash on Friday, as some banks claimed their cash supplies had been exhausted. At UBA, Access Bank and First Bank branches in Ibafo, long queues formed at ATM galleries, while those trying to enter the banking halls were turned away. A security guard at the UBA branch told the crowd that only depositors and people with failed transactions would be admitted, as the cash for over‑the‑counter withdrawals had run out. A senior bank official later confirmed that only N2 million was allocated for over‑the‑counter payments and that it was spent before noon. “We are under serious pressure from desperate customers,” the official said. “We started the day paying N10,000 per customer at the counter and via ATMs, but when we realised the cash would run out quickly, we reduced the limit to N5,000.” He added that, although the CBN permits individuals to withdraw up to N500,000 weekly, banks can only dispense what they receive. When asked whether new notes were being mixed with the old ones, he replied, “Where are the new notes? I haven’t seen any in almost a month. They are not being supplied, and the few that were paid out before the Supreme Court ordered the re‑circulation of old notes have not returned to the banking system.”
A branch manager of a Tier‑1 bank on Victoria Island, Lagos, told Saturday that customers could withdraw up to the CBN’s limit of N500,000 for individuals and N5 million for corporate bodies. “Many mainland customers come here to withdraw,” he said, noting that the bank had not received new notes for over two weeks and that the new notes were likely not being printed at present. The availability of old notes depends on how much each bank returned to the CBN before the deadline, as each bank receives a percentage of the deposits. He explained that paying mutilated notes to some customers is intended to discourage large withdrawals, which run counter to the cashless‑transaction agenda, because such notes cannot be loaded into ATMs—they jam the machines.
Attempts to contact CBN spokesman Isa Abdulmumin on Friday went unanswered; his phone rang out and WhatsApp messages received no reply. Saturday’s reporting indicated that the apex bank has exhausted its supply of newly printed notes and is relying on the re‑circulation of old notes to fill the gap. In February, the CBN considered contracting foreign printers for the redesigned N1,000, N500 and N200 notes after acute scarcity sparked violent protests and vandalism of bank facilities. Sources said the Nigerian Security Printing and Minting Plc lacked the capacity to meet demand. To ease the tension, the National Council of State advised the CBN to print more naira notes or re‑circulate the old ones it had withdrawn from circulation.
The CBN has urged Nigerians to adopt alternative payment channels such as eNaira, USSD codes and other internet‑banking facilities in line with its cashless policy. Speaking at the CBN’s Special Day during the 34th Enugu International Trade Fair, Abdulmumin said the country must not fall behind the global financial ecosystem and should embrace digital payments. Represented by Assistant Director of Communications Imoh Esu, he noted that the CBN continues to seek creative ways to maximise the benefits of digital channels, citing the launch of eNaira in October 2021 to broaden payment options and promote financial inclusion, as well as the recent introduction of the National Domestic Card Scheme—the first of its kind in Africa—to lower banks’ operating costs and reduce foreign‑exchange expenses associated with foreign card schemes.
Abdulmumin reiterated that the recent redesign of several naira denominations, approved by President Muhammadu Buhari, serves the country’s overall interest and aligns with international best practices. He claimed the policy is strengthening macro‑economic fundamentals, moderating inflation, increasing financial inclusion, stabilising the exchange rate and supporting security agencies in combating banditry and ransom‑taking. In his welcome address, President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture, Jasper Nduagwuike, praised the CBN’s intervention schemes for supporting and encouraging business growth across various sectors of the economy.
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