Mega churches, schools bar old naira note payment, offering

Ahead of the January 31 deadline set by the Central Bank of Nigeria for the phasing out of the old N1,000, N500 and N200 notes, some mega-churches, schools and retailers have set time limits for the collection of the old currencies.

This came as the lingering shortage of old naira notes forced several commercial banks to shut their Automated Teller Machines in Lagos, Abuja and other states across the country.

Deposit Money Banks have been battling a shortage of old bills amid a directive by the CBN that lenders should load only their ATMs with the news notes, forbidding over-the-counter payment of customers with the new currencies.

However, amid long queues in banks across the country, findings  indicated that a number of mega-churches, schools and retailers had stipulated earlier time limits for the collection of the old notes.

In Ilorin ,Kwara state capital some business have now pasted notifications at their business premises that they will no longer receive the soon to be old notes from today .At major motor parks along unity road and post office area , transportation companies in their notification maintained that they will no longer receive the notes.

To this end ,Royal FM observed that some business owners  too have since sent broadcast messages to their clients on the development .