The old Naira notes, which are set to be phased out by January 31, 2023, five days after Deposit Money Banks (DMBs) started issuing the newly redesigned notes, are still being distributed by banks.
Depositors are now complaining about the lack of new cash as a result.
Customers of banks are asking why more outdated notes, which make up the majority of the cash distributed by banks and Automated Teller Machines (ATMs), are being used when their shelf life is only a month away.
The Nigerian business community is pleading with the regulator to circulate more new notes despite claims by the Central Bank of Nigeria (CBN) that the number of the new notes will be significantly smaller than what is now the case with the old notes.
While the banks are restricting the new notes, it was learned that currency traffickers and powerful people are purportedly working together with banks to mop up the limited supply of new notes that the CBN has provided to them.
A merchant in Wuse Market named Timothy Akparawa told the Daily Sun that obtaining the new notes has grown to be extremely difficult.
“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.
A point of sale operator named Florence Agada also voiced her remorse, saying that her customers felt nervous receiving the outdated notes.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.
Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), commented on the news and told Daily Sun that the CBN should be given the benefit of the doubt so that it can promptly address any logistical issues that may have arisen during the initial deployment 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.
