Twenty-four hours after the Central Bank of Nigeria (CBN) directed deposit money banks to start giving the redesigned naira notes to customers, partygoers, high net worth customers and currency traffickers are mopping up the new notes from the banks even as the notes are being rationed to the majority of customers.
It was gathered by newsmen that on Friday  despite the official position of the banks that the new notes were not available in huge volumes, some categories of influential customers had infiltrated the banks and were being given new notes far above the limits set by the lenders.
One of our correspondents, who visited a branch of a new generation bank in the Abule Egba area of Lagos State on Friday, was told that the new notes were no longer available as what was allocated to the branch had been exhausted before 10am.
A senior official of the bank, who spoke on condition of anonymity, said, “We received about N1.5m in N1,000 notes on Wednesday from our head office. We gave out about N250,000 on Thursday when the redesigned naira notes officially hit the market as a lot of customers were hesitant to collect them.
“However, by this morning (Friday), the request for the new notes across the counter had surged. What we noticed was that some high net worth customers requested far above the limit we set per customer, which was N10,000. Some of them requested between N100,000 and N200,000 and they are customers we can’t ignore their requests.”
A branch manager of a tier-1 bank on Lagos Island said; “The latest instruction from our head office is that we should not give more than N50,000 per customer and we are giving out the new notes. It is against the CBN rule to keep cash in our vaults. Initially, the limit per customer was set at N2,000 and it was later increased to N10,000 and has been increased to N50,000.”
“However, some high net worth customers have been calling to ask for higher amounts of up to N300,000. You have to manage a customer whose account balance is up to N5bn. We use our discretion in such circumstances.”
One of our correspondents, who tried to make a withdrawal from an Automated Teller Machine at the Ojodu Berger area of Lagos on Friday, observed that the five paying points dispensed old naira notes and when he went inside the banking hall and insisted on having the new notes across the counter, he was told that the maximum he could have was N5,000.
The teller told him in confidence that currency traffickers, who usually sell freshly minted naira notes at partygoers to spray on organisers, were conniving with bank tellers and their managers to mop up the new naira notes.
A teller, who gave his name simply as Ambrose, said, “The currency hawkers, who made it difficult before now for regular customers to get clean notes, popularly called ‘mint’, from the banks, have found a way to mop up the redesigned naira notes released to the banks just on Thursday.”
“Our ogas (bosses) are in partnership with the currency hawkers and we tellers dare not go against them as our continued stay on the job depends largely on them. One of the hawkers, who I am friendly with, told me that she wanted to cash in on Nigerians’ eagerness for the new notes to make profits before the daily withdrawal limits set by the CBN begins at the end of January.”
A currency hawker, Modinat Azeez, told one of our correspondents that there were many social engagements planned for the weekend and it would make good business sense to go to the venues with the new notes.
She said; “You know that Nigerians love to show off. Even though the existing naira notes and the redesigned ones have the same values, many partygoers will like to make a statement by ‘spraying’ the new notes at parties. It will be like ‘spraying’ dollar notes; so, I am prepared to offer a premium to get the new notes from the banks as I know that I will make my money back.”
Abuja bank customers
There was no improvement in the dispensing of the new naira notes to customers in the Federal Capital Territory on Friday.
Our correspondents, who visited several banking halls and ATM stands in the city of Abuja on Friday, observed that the cash machines were not dispensing the new naira notes.
Visits to the branches of leading banks and ATM points showed that the institutions were grappling with network issues.
The banks visited include Stanbic IBTC, Zenith, United Bank for Africa Bank and First Bank situated at Sauka, Airport Road and Kuje.
Newsmen also visited Guaranty Trust Bank, Stanbic IBTC, UBA, Zenith Bank and Polaris Bank branches located at the Central Business District.
At Stanbic IBTC in Sauka, customers grumbled over network failure and the slow pace of cash withdrawals, which one of our correspondents later found to be old notes.
An official of the bank, who did not disclose his name, said limited quantum of new N1,000 notes was given to the branch hence its scarcity
He explained; “You can’t get the new notes; we have only the N1,000 note and it is not much. We don’t even have other denominations.”
The same reason was given at Zenith Bank in Sauka as the official on duty said, “We got limited allocation of the new naira notes and they have been disbursed; you can check on Monday, it may be available.”
Officials also lamented the limited allocation of the new notes at First Bank and UBA on Airport and Tipper garage junction, Kuje.
They, however, expressed hope that the issue would be resolved soon.
At the GTB branch in Area 11, the ATMs dispensed the old naira notes.
One of our correspondents, who monitored activities in the banking hall, observed cashiers paying customers with the old naira notes across the counter.
A customer, who preferred to be addressed simply as Onyinye, said she was at the bank just to get the new notes, noting however that they were not available.
Similarly, Stanbic IBTC Area 11 branch dispensed old notes from its ATM.
At UBA Central Area, it was observed that the ATM dispensed only old naira notes.
A customer service representative, who spoke on condition of anonymity, said N2,000 new notes in N1,000 denomination were being added to every withdrawal over the counter.
At Zenith Bank, Central Area branch, an official told newsmen that customers could withdraw N5,000 in N1,000 denomination of the new naira notes across the counter, even though the ATMs were still dispensing old notes.
At Polaris Bank, Central Area branch, a cashier told one of our correspondents that the bank was giving 10 per cent for every withdrawal made in N1,000 denomination, adding that the branch only started dispensing the new naira notes on Friday.
She said; “If you want the new naira notes, you will fill the withdrawal slip and you will be given 10 per cent of your total withdrawal in N1,000 notes.  If you withdraw N100,000, you will be given N10,000 in new notes.”