Schools and megachurches all ban the use of old naira notes for payment or donations

Some mega-churches, schools, and retailers have imposed time limitations for the collection of the old currencies ahead of the January 31 deadline set by the Central Bank of Nigeria (CBN) for the phase-out of the old N1,000, N500, and N200 notes, the Punch has reported.

This occurred at the same time that several commercial banks were forced to shut down their ATMs in Lagos, Abuja, and other states across the nation due to the persistent lack of old naira notes.

Due to the CBN’s direction that lenders should only load the new notes into their ATMs and prohibit over-the-counter customer payments using the new currencies, deposit money banks have been struggling with a lack of old bills.

Findings revealed that a number of mega-churches, schools, and retailers had earlier time limits for collecting the old notes, notwithstanding the lengthy lines in banks across the nation.

This, it was discovered, was done to save the organisations the hassle and difficulties involved in exchanging the old naira notes for new ones.

In a memo, Deeper Christian Life Ministry, a prominent Pentecostal church, instructed its church leaders to halt the collection of the old naira notes on January 29, 2023, or roughly two days before the CBN deadline of January 31.

Pastor S.M. Afuwape, secretary of the Deeper Christian Life Ministry Church, signed the document, a copy of which was obtained by The Punch.

Calvary’s greetings to you in the name of the Lord Jesus Christ, according to the internal document labelled “lodgement of old naira notes.” This is to let you know that the Central Bank of Nigeria’s deadline for the old N200, N500, and N1000 notes to remain valid—January 31, 2023—is quickly approaching.

The church would like to let you know to inform your members and other brethren to lodge all tithes and offerings collected in the group on or before January 29, 2023. Additionally, as of January 29, 2023, no old notes in the aforementioned denominations shall be paid as offerings. To this end, the group will reimburse any old notes (in the permitted denominations) delivered to the headquarters that were not deposited in the bank. I appreciate your patience and cooperation.

It was further learned that several Redeemed Christian Church of God provinces had instructed members to deposit old notes in their banks by January 26, which was approximately five days before the CBN deadline.

It was said that doing this would help members avoid having to use outdated notes as offerings and tithes in the church.

Members of one of the RCCG provinces in Ota, Ogun State, were instructed to deposit old notes in banks or with point-of Sale agents before the January 31 deadline on a pastors’ WhatsApp group.

Deposit all of your old notes at your bank or a POS nearby by January 31, 2023, according to the warning. Never take them to church. The deadline for accepting old notes is January 26, 2023.

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However, it was not confirmed whether the memo was truly issued by the RCCG.

Additionally, Sango Ota’s banks were crowded with clients struggling to deposit old notes at a time when ATMs and banks like FBN, Fidelity, and UBA were still issuing them a few days before the deadline.

Pastor Olaitan Olubiyi, a spokesman for the RCCG, responded to the news by stating that there has been no official postponement regarding the usage of the new naira. People ought to follow the government’s instructions. They ought to be permitted to go to the bank with their old notes. Because the new notes aren’t being used outside, we have faith that God will aid the central bank, but anything is conceivable before the January 31 deadline.

“We haven’t released a statement, but we trust everyone has been advising their members on the old notes in the best way they can; it’s not just about bringing it to church on Sundays; it’s about making sure our people don’t suffer needlessly,” the statement reads.

Additionally, the New Covenant Mission Pentecostal church in Lagos asked its followers to surrender outdated notes before the CBN deadline.

One of the church’s pastors instructed members to make sure that old notes are deposited by January 26 in order to beat the deadline.

Schools

Similar findings indicate that some primary and secondary school administrations have stopped collecting old notes.

They have therefore advised parents to only deposit brand-new notes in any cash transactions with their school.

In a notification to parents, the administration of the RCCG-affiliated Christ the Redeemer Nursery and Primary School stated, “Please be informed that from tomorrow, January 26, 2023, the school selling points will cease collecting old naira notes of N200, N500, and N1,000.” Please, only brand new naira notes will do.

Another school, Gemstars Schools, informed parents in a notification to parents that they would stop collecting old naira notes by 3:00 pm on Thursday, January 26, 2023, in accordance with CBN guidelines regarding the new naira note. All payments must be done with the new money, through a bank transfer, or with a cashier. This will allow the school to collect and exchange any remaining old money under our custody.

Additionally, Royal Champions School in Ogun State pleaded with parents to deposit only fresh notes with the school, noting that the collection of old notes had ended on Thursday.

“Please be reminded that, in conformity with the CBN directive, the school will suspend the collecting of the old N200, N500, and N1,000 notes on Thursday, January 26th,” the message said in part. After this date, only the new notes should be used to pay the school in cash. I appreciate your cooperation and understanding.

Similar-formatted memos from other schools also arrived, and some of them gave parents until Friday to send in their payments using the previous notes.

Jumia, a prominent e-commerce site, said that starting on Monday, January 30, 2023, it would stop accepting old naira notes as payment for goods ordered through the site.

The company informed its clients in a message on Thursday that, starting on January 30th, 2023, it would no longer be able to accept old notes of N200, N500, and N1,000 due to a mandate from the Central Bank of Nigeria.

Our delivery personnel will only accept the new series of notes if you desire to pay with cash.

(PUNCH)