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Banks Rejecting Coins? - Business - Nairaland

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Banks Rejecting Coins? by astronp7(m): 1:10pm On Aug 13, 2007
I was astonished today when I went to bank (Intercontinental Bank, Ogui Road Enugu) to make deposit, only to be told that they too do not accept the newly introduced coins! I mean this is crazy. i went to the Customer Care department only to here the same. i could not swallow this I had to confront the management, to my surprise I was told the same. The CBN should change such policy if they want us to take the acceptance of coins seriously. I don't know what you think about it, but if nothing is done this may be another White Elephant project.
Re: Banks Rejecting Coins? by delarontus(f): 5:00pm On Aug 13, 2007
No bank will accept the new coins from you because the idea is to disburse them for spending and not to keep them. The Central Bank has issued a notice to all banks to pay out coins and not to accept them so that people can spend them. However, they failed to realise that the price system has not taken coins into consideration so people don't get to spend them.

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