Scarcity of New Naira Notes Hits FCT, Residents Cry Out

The New Diplomat
Writer

Ad

Why Wike Should Resign or Be Sacked: A Call to Organized Civil Society in Nigeria to Uphold Anti-corruption Standards with Consistency, By Frank Tietie

By Frank Tietie The revelations by Nigerian social crusader, investigative journalist, and activist Omoyele Sowore regarding the current Minister of the Federal Capital Territory, Nyiesome Wike, are serious and warrant the attention of all Nigerians who care about the integrity of the country. Sowore has alleged that Wike laundered funds and concealed the purchase of…

Dangote Refinery Slams PENGASSAN, Describes Order as ‘Economic Sabotage’

By Abiola Olawale In an escalating labor showdown, the Dangote Petroleum Refinery has fired back at the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), criticising the latter’s order on Saturday. This is as the refinery owned by Africa’s richest person, Alhaji Aliko Dangote described PENGASSAN's order to cut crude oil and gas…

Intimate Affairs: ‘I don’t want a mother-in-law,’ By Funke Egbemode

By Funke Egbemode Tola doesn’t wish anybody dead. She just doesn’t want to go through what her mother went through in the hands of her grandmother. She had been told that she might just be lucky and end up with a husband with a kind mother. But she’s scared, I believe, irredeemably, by the trauma…

Ad

By Agency Report

Some residents of Abuja and environs have lamented the scarcity of the new naira notes.

The Central Bank of Nigeria (CBN) has restored the old 200, 500 and 1000 naira notes to remain as legal tender until Dec. 31.

Correspondents of the News Agency of Nigeria (NAN) who monitored the availability of the new notes report that residents are lamenting over the scarcity of the new notes.

Mr Moses Nnegedu, a resident of Nyanya, said if CBN was serious to accomplish its goal on the circulation of the new naira note before the deadline, it would monitor the 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.

Mr 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 note 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 dead line.

” 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 one week, I have only seen one new N500 note.

’’ The situation might be worst than what we had experienced early this year,’’ he said.

Mr 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 dead line will be visible, he said.

NAN reports that the Supreme Court had earlier extended the validity of the old naira notes till Dec. 31.

However, Nigerians believe that the new notes, in circulation though, which were hard to get at the time of release, have gradually vanished. (NAN)

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp