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Naira Swap : Banks across the country have started paying the old N500 and N1,000 notes
IN compliance with the March 3 Supreme Court judgment, which extended the validity of the Central Bank of Nigeria, CBN, currency redesign policy to December 31, some banks across the country have started paying out the old N500 and N1,000 notes to their customers.
Newsthumb findings, however, revealed partial compliance as some banks have not followed suit, maintaining that they are awaiting official directive from CBN to do so.
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The banks that were issuing the old banknotes to their customers yesterday include GTBank, Access Bank, Sterling Bank and Union Bank.
Confirming this development, a customer of Access Bank said that he withdrew N20,000 and was paid with the old N500 and N1,000 notes.
However, an official of the bank, who spoke on condition of anonymity, denied that the bank had commenced issuing the old notes to customers, as the CBN had not authorised the banks to do so.
Speaking to Vanguard, a staff of GTB, who spoke on condition of anonymity confirmed the development: “Yes, we paid out N500 and N1,000 to customers today (yesterday).”
Another source close to GTB told Vanguard that the bank received an informal approval from the CBN before dispensing the old N500 and N1,000 notes to customers.
However, a top CBN official denied knowledge of any approval or directive whether official or unofficial, authorising banks to issue the old notes.
According to the source, the CBN has not received any directive from the Federal Government and hence cannot issue any directive to the banks on the issue.
Last Friday, the Supreme Court ruled that old N500 and N1,000 notes should remain legal tender till December 31.
Commenting on the development, the President, Association of Mobile Money and Bank Agents in Nigeria, AMMBAN, Mr Olojo Victor, said: “Yes it is a good omen.
“We believe that the Supreme Court has indeed proven to be the last hope for the common man.
“The policy wasn’t well thought out even though the intention was good but it further impoverished Nigerians. It made them jobless. It made life difficult and unbearable.
“I hope that the CBN will obey the Supreme Court order to the letter so that life can resume back to normal for Nigerians again.
“As an association, it is a welcomed development and we thank the Supreme Court for not letting the hope of the common man down.
“We thank the Supreme Court for upholding justice and we hope that the CBN in future engagement will put in place proper mechanisms in carrying out its policies that affect Nigerians like this.”
On his part, the President, Bank Customers Association of Nigeria, BCAN, Dr. Uju Ogubunka, welcomed the development saying: “We didn’t expect less. It is therefore a welcome development.”
FirstBank, a leading financial institution and provider of financial inclusion services in West Africa, announces the achievement of ₦1 trillion in cumulative instant digital loan disbursements. This accomplishment further consolidates the Bank’s reputation for innovation, leadership in financial inclusion, and commitment to customer empowerment within.
Since its inaugural digital loan in August 2019, FirstBank has developed an unconventional and robust digital lending ecosystem designed with Artificial Intelligence and Machine Learning, to improve access to finance, especially to the high-risk customer segment. The Bank created a multi- channel loan disbursement service that requires no collaterals, zero documentation and is void of human interactions. Through its FirstAdvance, FirstCredit and AgentCredit products, 1.5 million unique borrowers enjoyed instant and secure access to credit. This is irrespective of whether they are salary earners, non-salary earners, or micro business owners. They also have the convenient options of accessing these loans through platforms such as *894# (FirstBank’s USSD service), FirstMobile, LitApp and the FirstMonie Agent App.
Regarding this milestone, Chuma Ezirim, Group Executive, e-Business & Retail Products at FirstBank, stated: “This success underscores our ongoing commitment to innovation and a customer-focused approach, which are central to FirstBank’s core values. Beyond achieving substantial figures, we remain dedicated to fostering opportunities for financial independence across Nigeria in particular, and in Africa at large.’’
He added, “We value the trust our customers place in us to support their financial aspirations. Our efforts to advance digital lending will persist, especially to the excluded and underserved customer segments, while effectively managing risks in the process.”
FirstBank currently disburses about N1 Billion daily in digital loans, demonstrating its commitment to fostering an inclusive, technology-driven future for Nigerians. By consistently investing in advanced technologies and developing customised financial solutions, the Bank seeks to improve the financial well-being of individuals and businesses across the nation.
FirstBank, the West Africa premier financial institution and financial inclusion services provider, has strengthened its partnership with the United Nations Global Compact (UNGC) to reaffirm its commitment to driving sustainable finance and unlocking capital for development. This ongoing partnership was reinforced at the recently concluded Fourth International Conference on Financing for Development (FfD4) hosted by the United Nations Department of Economic and Social Affairs (UN DESA) in Seville, Spain.
The FfD4 Conference brought together global leaders, policymakers, and private sector experts to discuss innovative solutions to address the growing SDG financing gap and unlock capital for development in fragile and underserved regions.
FirstBank’s Chief Risk Officer, Patrick Akhidenor, represented the bank at the conference and highlighted two FirstBank flagship initiatives driving resilience finance in Nigeria: The Solar Equipment Financing initiative and the revamped FirstGem Fund. The Solar Equipment Financing initiative offers tailored financing options for the purchase and installation of solar power systems, ensuring access to clean, reliable, and affordable energy solutions. The FirstGem Fund, a women-focused proposition, provides single-digit interest loans to women entrepreneurs without collateral requirements, targeting funding gaps in critical sectors.
‘’We are committed to driving sustainable finance and unlocking capital for development,” said Patrick Akhidenor. “Our partnership with UNGC and participation in the FfD4 Conference demonstrate our dedication to innovative finance solutions that address the SDG financing gap.”
Sanda Ojambo, CEO of UNGC, emphasized the need for innovative, inclusive financial models for underserved regions. “The private sector must play a central role in shaping fit-for-purpose, scalable finance solutions,” she said. “De-risking tools and blended finance can help unlock capital and drive meaningful impact.
FirstBank’s partnership with Development Finance Institutions (DFIs) and its SMEConnect hub demonstrate its capacity to lead efforts in sustainable finance. The bank provides training, networking, and tailored financing to SMEs across various sectors, including education, healthcare, and retail
Access Holdings PLC, the parent company of Access
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