Residents protest as new naira notes become scarce in the FCT

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Some Abuja residents have complained about the lack of new naira notes.
The Central Bank of Nigeria (CBN) has reinstated the old 200, 500, and 1000 naira notes as legal tender until December 31, 2018.

Residents are complaining about the lack of the new notes, according to a reporter who checked their availability.

Mr Moses Nnegedu, a resident of Nyanya, stated that if the CBN was serious about meeting its goal of circulating the new naira note before the deadline, it would closely supervise commercial banks.

“The last time I used the new note was two weeks ago and it is really not available.

“It seems that the new notes are being hoarded.

“There should be political will to ensure the circulation of the new notes before the expiration date so we don’t have a repeat of cash crunch,’’ he said.

Gabriel Daniel, a resident of Garki, said he didn’t think the Dec. 31 deadline would be visible because presently it was only the old notes that were available.

“I can’t remember the last time I saw or used the new notes because even the banks are dispensing old notes both at the ATMs and in the banking hall.

“One of the problems we are having in this country is non-implementation of policies and the absence of accountability from those in authority.

“At this point, I am just confused, because the moment the announcement was made that both notes should be legal tenders, the few new ones disappeared,” he said.

According to Mr Abbah Moses, a resident of Gwagwalada, those who have a lot of money and are able to get the new notes earlier are hoarding it against the December deadline.

“So, even if the banks release the new notes and it is being hoarded by some person, there will not be enough in circulation.

“In the past week, I have only seen one new N500 note.

“The situation might be worst than what we had experienced early this year,’’ he said.
Manasseh Gimba, a resident in Dutse, said the last time he saw the new note was a month ago.

‘’CBN should print more new notes and ensure they are in circulation.

‘’The old notes in circulation should be limited if the December deadline will be visible, he said.

The Supreme Court already extended the validity of the old naira notes until December 31.

However, Nigerians feel that the new notes, which were difficult to obtain at the time of issue, have progressively gone.
NAN

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