New naira notes: Nigerians complain of rationalisation of redesigned currencies in banks

New naira notes scarcity looms in banks 

Despite Central Bank of Nigeria (CBN) assurances that the new Naira notes would flood the banks, a cross-section of Enugu residents has complained about the rationalisation of new Naira notes.

Recall that while announcing the policy of the redesigned Naira note, the apex bank promised that the newly redesigned Naira notes would be available in large quantities in commercial banks by December 15.

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A correspondent for the News Agency of Nigeria (NAN) who visited several commercial banks in Enugu on Thursday observed that the majority of customers were only given two pieces of the new Naira note when withdrawing cash.

NAN observed that instead of issuing the new Naira notes, banks continue to issue bundles of “so worn out” and “some even sellotaped” old notes.

Mr Cyril Madueke, a customer of a new generation bank along Zik Avenue, said that he came to the bank to drop his old notes and make some fresh withdrawals, “but to my surprise, I was still given the old notes”.

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“This is not what the apex bank initially stated, as I was under the impression that I would be saying goodbye to the old naira notes today.”

“However, I am returning home with the same old banknote,” said Madueke.

Mr. Jude Nweke, an additional customer of an old generation bank in Enugu, stated that for the two times he withdrew money since December 15, “only two new Naira Currency were issued to me.”

“It is regrettable that only two pieces of the new naira notes were given to each customer to ‘top and garnish’ the bundle of old N1,000 notes that the bank had issued to them.

Nweke stated, “I was informed by the Central Bank of Nigeria (CBN) that people will begin receiving the newly redesigned Naira notes on December 15 and that this date will mark the end of the issuance of old notes by banks.”

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Mr. Mike Onyeka, a trader from Enugu, urged the central bank and commercial banks to be “certain and specific” about their intentions and consistent with the information they share with the public.

Onyeka stated, “We enthusiastically welcomed the new Naira redesign policy of the CBN.”

We wish policymakers and implementers would adhere to the original plans and information disseminated to the public based on those plans.