Nigerians lament scarcity of new currency notes

Nigerians lament scarcity of new currency notes

With three days to the 31 January deadline to phase out the old naira notes nationwide, many Nigerians have lamented the pain of getting the new notes.Following the Central Bank of Nigeria’s refusal to extend the deadline for the old naira notes, churches, mosques, businesses, traders and transporters said from Saturday, 28 January 2023 (today), they would only collect new notes.Although some Deposit Money Banks disclosed that their branches would be available on Saturday and Sunday for customers’ cash swap transactions, getting the new naira notes remains frustrating.It was gathered that banks in Delta, Edo, Imo, Enugu, Bayelsa other cities still dispense the old naira Naira notes.Speaking on the effect of the deadline, Nigerians took to Twitter to express their frustration.Here are their reactions:@Funke Rotimi: “ATMs are no longer paying, and new notes are very scarce, yet the 31st is the deadline. You all are making Nigerians suffer for nothing.”@Omo Logbon: “The time frame for the old Naira note is short. Even banks in Abeokuta need to load their ATM with the new Naira note, and they are not giving it out either. It’s so annoying when you are hungry; get to the ATM, dispense the old note, and take it to the market woman.”@Ikeaka Onuoha: “The new naira notes are unavailable as all the banks I visited in Yenagoa have no new currency; they were busy paying out the old notes. @cenbank, let’s have a daily update on national radio, as was the case with Covid-19, where we can get the new notes.”@Victor Onwuka: “The deadline for the old Naira note should be extended. It causes stress on both bankers and their customers.”@King Kuro Okorowamta: “I hope this doesn’t lead to national chaos. It’s a legal tender; it isn’t a commodity that perishes over time. Whatever old currency N200, N500 & N1000 goes into the bank shouldn’t be recycled; in that way, the new money replaces it effortlessly. We are still where we are.”@Emnanuel Mathew: “We are facing hell with this CBN directive; the old naira note is no longer valid as a means of exchange for goods; even conductors are rejecting it too”.The CBN has rejected calls from financial stakeholders, lawmakers, governors and Nigerians to extend the deadline.

Source: Nigerians lament scarcity of new currency notes

 - NigerianEye
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