Almost two weeks since the new naira notes came into circulation and just about a month before the old naira notes are completely taken out of circulation and they cease to be a legal tender, the new notes are apparently still very much in short supply.
Not many people have so much as caught a glimpse of the new notes, let alone possessing one; causing many to assume that the apex bank was rationing the notes despite assurances thatt it would flood the market with the new notes.
News Agency of Nigeria reports that Cyril Madueke, a customer of a new generation bank along Zik Avenue, in Enugu, Southeastern Nigeria, said that he came to the bank to drop his old notes and make some fresh withdrawal, “but to my surprise, I was still given the old notes.”
“This is not what the apex bank said initially, as I had it in mind that I am saying bye-bye to the old naira notes today.
“However, I am now going home with the same old note from the bank,” Mr Madueke said.
The Central Bank of Nigeria, CBN, had promised while announcing its cash policy that the newly redesigned naira notes would be in circulation in commercial banks from December 15. It also gave a January 31, 2023 deadline for the withdrawal of the old N200, N500 and N1,000 notes.
Fourteen days after, reports say that most commercial banks are still issuing out bundles of the old notes with one or two pieces of the new notes to customers who came to make withdrawals
Consequently, owing to the perceived shortage of the redesigned notes, many market women are rejecting them as legal tenders, thereby disrupting smooth transaction of businesses.
People are disappointed that despite the promises made by the apex bank that the new redesigned notes will be available to the public by December, 15; the CBN is yet to fulfill its word, thus dousing the initial joy and optimism that greeted the CBN’s naira redesign policy