Fears, frustration mount over scarcity of new naira notes

• Published date: 22 January 2023
• Publication title: Nigeria - The Nation

Borno border, rural communities reject old naira notes - Zulum

Apex bank takes campaign to markets, churches in Anambra

Govs, NFIU clash over cash withdrawal policy

It is unlikely that most Nigerians will be able to meet the January 31 deadline given them by the Central Bank (CBN) to exchange their old N200, N500 and N1000 notes for the new ones, according to an investigation conducted by The Nation.

Reports from our correspondents across the country yesterday confirmed that a huge volume of the old naira notes is still in circulation while the new notes remain scarce despite assurances by the apex bank that there is enough to go round, and its threat to start sanctioning commercial banks that are still issuing the about-to-expire notes.

Those who spoke to our reporters did not hide their frustration in getting the new notes from banking halls and/or Automated Teller Machines (ATMs).

Some traders in Lagos threatened to start rejecting the old notes from their customers this week.

The CBN has repeatedly warned that it will not extend the deadline.

Apart from taking its public enlightenment on the new naira notes to markets,mosques,churches and palaces,the apex bank has started sending sms to Nigerians to 'deposit your old N200,N500,and N1000 banknotes with your bank or agent.'

But the Nigeria Governors' Forum (NGF) has made a last minute appeal to the apex bank to consider the poorest and most vulnerable households among other concerns arising from the naira redesign and withdrawal policy.

Although the commercial banks have been operating on Saturdays to enable their customers deposit their old notes, the development has had little or no effect in getting the new notes out.

The ATMs have also not been of much help as only a few of them are dispensing the new notes.

Such ATMs are usually besieged by customers who are eager to have the new notes.

In Ibadan, the Oyo State capital, long queues of customers were seen at the Jiaz Bank and GTB Dugbe ATM machines which were dispensing the new notes.

Adesola Ilori, a food stuff seller, said: 'I've seen the new N1,000 note twice when a customer brought it to my shop. But all attempts to get it from banks were not successful. At least, I visit banks weekly but they still give out old notes.

A Point of Sale (POS) operator at Dugbe, Ibadan, Akin Solaja, said: 'They keep recycling the old notes. There will be a serious cash shortage when the deadline expires.'

The situation is not different in Bayelsa State. A businessman in the state capital, Yenagoa, Chris Ben, said he was surprised to be given the old notes recently when he went to a bank to withdraw some money.

'The bank packed old notes for me and gave me few new notes. I rejected them, but I was told that they could not help the situation as they did not have enough new notes to give out.

'I reluctantly accepted what they gave to me because I was in dire need of money.'

Traders at the Nkwo Nnewi New Spare Parts markets in Anambra State told a CBN delegation that visited there on sensitization last Friday that the new notes were unavailable.

Residents of Enugu, Ogun and Bauchi states are also worried about their inability to exchange their old notes and hope that the authorities will extend the January 31 deadline.

Borno border, rural communities reject old naira notes -...