Angry Citizens Knock CBN Governor, FG Over Uncirculated New Naira Notes

Some angry citizens in Nigeria have lambasted the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele and Nigeria’s president, Muhammadu Buhari over the unfavourable policy of the redesigned naira notes which has failed to circulate in the country.

They blamed President Muhammadu Buhari’s administration for spending a huge amount of money on redesigning naira notes despite the current problems that the country is facing.

It would be recalled that CBN earlier stipulated January 31, 2023, as the deadline for issuance and circulation of the old naira notes; N200, N500 and N1,000 denominations following the introduction of new bank notes.

However, the extension in the collection of the old naira notes for the new ones till February 10 has also put words in the mouths of most Nigerians. According to them, “there is no assurance that the new notes will be in circulation when that time elapses”.

Speaking with AN24tv, some angry Nigerians in Lagos State are already lamenting sequel to the scarcity of the new naira notes as most of the ATMs in Lagos are still not dispensing the redesigned currencies for use.

An Activist in Lagos State who identified himself as Adeleye Paul, told an24.net that there is still scarcity of the new naira notes and that the new currencies get faded when touched, including the old notes.

Paul stated that on his attempt to get the new notes at the bank, he was informed that the new currencies are not available and if he wants to get the new notes, he will have to wait for some hours before he could get the currencies.

His words: “When I entered the bank, they told me that the ATM is not dispensing, and that they don’t have the new naira notes for me, and if I want to get the new currencies, I will have to wait till 2:30pm to 3:00pm, this is disgusting.

“I paid five hundred naira in the bank (N500) now to get five thousand naira (N5,000), and ever since we have been changing the currencies in Nigeria, it will just fade off. They should take into consideration the population of people living in Nigeria before they embark on such a policy.

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Reacting to the question which has generated so much reactions from Nigerians on, “will the extension on the use of the old naira notes solve the problem of the uncirculated new currencies? Paul said, “let me tell you the truth as an Activist, the extension will not solve the problem that we are facing.”

In his opinion, he advised those within the corridor of power to abide by the method used in the past when the old currencies were systematically out of use through gradual circulation of the new ones, and before we know it, the old notes were no longer in use.

AN24.net also learnt that some angry customers have been questioning bank teller officers, asking them why old notes were still being dispensed since there has been an extension on the deadline on the legal use of the old naira notes till Feb 10,2023.

Also, Point of Sale (POS) operators have also lamented the scarcity of the new notes, and some of them have been using the opportunity of the scarcity of the new currencies for doing business by selling them to customers.

Another concerned Nigerian at Ogba in Lagos who identified himself as Lot Sunday said that it has not been easy in getting the new currency notes.

His words partly read, “I came to the bank to save money since morning around 8:00am for them to open, and up till now, I’ve not gotten the new currency. I have to leave my location to come to the bank, their service is very discouraging, not just the bank, it is everywhere.

“I made a deposit, the money is there in the account, I can’t even withdraw the money that I deposited. No new currency, I have no choice but to go back home.”

Reacting to the authenticity of the new naira notes, Sunday said, though the CBN has an aim which is to help fight corruption, and to boost the country’s economy. As for me, no much differences in the new naira notes because most Nigerians already know that is just the difference of color, the designs are the same despite the addition of new features as stated by the CBN Governor, Godwin Emefiele.

“For me, as long as I have a means of exchange to do what I want to do, that is all that I need as a citizen of this country”, Sunday added.

Also speaking with AN24.net, a concerned citizen in Ogba, Lagos who identified himself as Taye, also lamented on the scarcity of the new currencies and the current situation of the redesigned naira notes collection is getting more frustrating as most banks in the State are not giving enough new naira notes to customers.

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He stated further that the bank officials are not even helping the present situation. According to him, a bullion van drove into the bank premises and having loaded the new notes into the ATMs machines, the machines only dispensed to about ten customers and could no longer dispense the new naira notes for them.

His words: “Getting the new naira notes is frustrating, you can’t believe I’m right here in a bank where I keep my money. A bullion van drove into the bank with money. Between 15 minutes of using the ATMs, about six persons only got about N10,000 each, and the bank Manager told them that the new naira notes had finished. It is only in this country such will happen. “This is a typical example of corruption in Nigeria. It is not only the government that is corrupt, the bank officials, including individuals, are corrupt.”

Reacting to the possibility of the circulation of the new naira notes before the deadline on Feb 10, Taye said that nothing will solve the problem because the old naira notes are still everywhere in the country. For this reason, people won’t be able to swap the old currencies for the new ones within the stipulated time by the Central Bank of Nigeria (CBN).

“The network to go cashless is still not available. I did a transaction yesterday and up till now, the person is yet to get alert. So where is the network to go cashless? This cashless policy cannot work, he added.

Also reacting to the current situation of the uncirculated naira notes, Adeyinka Oyetola, said said that there is need to give more time for the new notes to circulate to avoid inconveniencing Nigerians.

“In Nigeria, people can do anything to make money, and that is why some people are now taking advantage of the uncirculated new currencies by selling it to people who need the money.

Mrs Olatunde who spoke with AN24tv at Ogba market also said her attempt in getting the new notes at the bank also proved abortive, rather, she was being given the old currencies and she has no other alternative but to collect the old notes.

Her words partly read, “I went to the banking hall, there was a customer shouting but she was being told to calm down. They told us that there is no cash and because of that, they are being given extra charges in getting the new currencies. “If the new notes are not being circulated before the stipulated deadline by the CBN for the collection of the old currencies, this problem we are facing will still continue, we don’t have the new notes yet”, she added.

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Another concerned citizen also stated that the introduction of the new naira notes is a good development. According to him, he has deposited the new currencies to the bank and he is yet to be given the new ones.

His words, “CBN just told us that there are new naira notes, but we have not seen it. You go to the ATMs, there are no new naira notes. Most banks still pay us back with the old notes. That means there are no new naira notes.”

He added that most banks and galleries with Automated Teller Machines (ATMs) in his area do not issue the new notes to customers.

He suggested that the CBN should permit Nigerians to keep using both the new notes and the old ones, till the new currencies get across to the majority.

Also, Point of Sale (POS) operators have also lamented the scarcity of the new notes, this has prompted them to take advantage of the scarcity of the redesigned currencies for business by selling the currencies to customers.

Similarly, the National Youth Council of Nigeria (NYCN), South-West zone, also urged the Central Bank of Nigeria (CBN) to be more proactive to ameliorate the suffering of Nigerians over the Naira redesign, noting that the lingering fuel crisis and scarce availability of cash in banks have affected the masses negatively, especially youths whose source of income is the Point of Sales Operators (POS).

The youth council while describing the redesign of the new naira note as a welcome development to curb illicit keeping of cash at homes, urged the Governor of the CBN, Mr. Godwin Emefiele, and other stakeholders to ensure quick circulation of the new naira notes to improve the standard of living of Nigerians.