Categories: Business

Customers kick as scarcity of new naira notes hits banks

Five days after the Deposit Money Banks (DMBs) began dispensing the newly-redesigned naira notes, depositors are lamenting the scarcity of fresh currency, as banks have continued to dish out the old notes slated to be binned by January 31, 2023.

Against this backdrop, bank customers are querying the rationale behind having more of the old notes constituting the bulk of cash dispensed by the banks and Automated Teller Machines (ATMs), when their lifespan is barely a month away.

Although the Central Bank of Nigeria (CBN) says the volume of the new notes would be far less than what currently obtains with the old notes, the Nigerian business community is appealing to the regulator to put more new notes into circulation.

While the banks are rationing the new notes, Daily Sun gathered that currency traffickers and influential individuals are allegedly colluding with banks to mop the little available new notes released to them by the CBN.

Timothy Akparawa, a businessman in Wuse Market, told Daily Sun that getting the new notes has become a huge challenge since they were released.

READ ALSO:

“I have been to three of my banks to get the new notes but to no avail. The cashiers are still paying out the old notes. Same with the ATMs. This is a serious problem because we have about a month to stop using the old notes”, he lamented.

Also lamenting, Florence Agada, a Point of Sales operator, said her customers were uncomfortable accepting the old notes.

“Some of my customers don’t want to collect the old notes anymore. They said it will soon expire , but banks are not giving us new notes. They keep asking us to check the next day. It’s been one story after the other. No new notes. We also have issues around acceptance of the new notes in some remote areas”, she said.

Commenting on the development, the Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, told Daily Sun that the CBN should be given the benefits of doubts to quickly fine-tune logistics challenges that may have been encountered in the initial rollout of the new notes.

“CBN should not underestimate the huge logistics required to ensure the new notes get to every nook and cranny of the country. Nigeria is a vast country and we must ensure the new notes get to all areas, especially remote places. A programme like this requires sound preparedness. By now, ATMs should not be dispensing old notes. It should not be”, he said.

Several institutions and groups have continued to complain about the currency withdrawal limit policy, with States Governors urging President Muhammadu Buhari to compel the CBN to rescind the move.

Trends Admin

Recent Posts

US University opens 2025 scholarships for international students

US University opens 2025 scholarships for international students Montana Technological University (Montana Tech) has opened…

13 hours ago

200,000 repentant terrorists surrender, drop arms in North East – CDS

200,000 repentant terrorists surrender, drop arms in North East – CDS The Chief of Defence…

14 hours ago

Canadian university offers funded national scholarship program for 2025

Canadian university offers funded national scholarship program for 2025 Western University has announced that applications…

14 hours ago

Israeli strikes pound central Beirut, suburbs

Israeli strikes pound central Beirut, suburbs BEIRUT: Israeli strikes pounded a densely-populated part of the Lebanese…

14 hours ago

Robbers kill two members in shoot-out with Delta police

Robbers kill two members in shoot-out with Delta police The spokesperson for the police in Delta…

15 hours ago

Akwa Ibom businessman abducted, driver killed, police orderly injured

Akwa Ibom businessman abducted, driver killed, police orderly injured Gunmen kidnapped a prominent businessman, Dr. Samuel…

15 hours ago