Churches, schools bar old naira note as payment of fees and offering.

Even before the January 31 deadline set by the Central Bank of Nigeria for the phasing out of the old N1,000, N500 and N200 notes, churches, schools and retailers have set their own time limits for the collection of the old currencies.
This is happening as a result of the continuous shortage of the redesigned naira notes. This development has also forced many commercial banks to shut their Automated Teller Machines in Abuja, Lagos, Benin and other states across the country.

According to source , this was aimed at saving the organizations from the burden and challenges associated with the exchange of the old naira notes for new ones.

It was gathered that a leading Pentecostal church in Nigeria, Deeper Christian Life Ministry, has directed its church leaders to stop the collection of the old naira notes on January 29, 2023, about two days before the January 31 deadline set by the CBN.

The internal memo, titled, ‘lodgement of old naira notes’ read, “Calvary’s greetings to you in the name of the Lord Jesus Christ. This is to inform you that the Central Bank of Nigeria deadline of 31st January 2023 on the validity of the old N200, N500 and N1000 notes in circulation is drawing near.

“The church will like to inform you to sensitize your members and the brethren to lodge all Tithes and Offerings collected in the Group on or before 29th January, 2023. Also, no old notes in the specified denominations above should be paid as offerings as from 29th January 2023. To this end, any old notes (in the prescribed denominations) brought to the headquarters which was not lodged in the bank will be paid for by the Group. Thanks for understanding and co-operation.”

Also, it further gathered that some provinces of the Redeemed Christian Church of God, had directed members to deposit old notes in their banks by January 26, about five days ahead of the CBN deadline. as this would help to avoid a situation where members would have no choice but to use old notes as offerings and tithes in the church.

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 by The PUNCH on Thursday indicated that a number of churches, schools and retailers had stipulated earlier time limits for the collection of the old notes.