Nigerians particularly business owners are currently grappling with the policy of the Central Bank of Nigeria, CBN, on the phasing out of old naira notes of 200, 500 and 1000 to the newly redesigned notes latest January 31, 2023.
Some public analysts say as laudable as the policy seems the timing is wrong.
The Central Bank of Nigeria, CBN, came up with the policy to redesign the Naira notes as part of measures to control the inflation rate in Nigeria and the need to promote a cashless economy to checkmate criminality and other vices.
The new Naira notes of 200,500 and 1000 according to Nigeria’s apex bank are expected to be in full circulation from January 31 this year.
Two public analysts, Mr Albert Agbenson and Mr Emeka Nwaokocha advised Nigerians on the technicality of the CBN’s policy noting that the CBN in its wisdom aims to check criminality and other irregularities that may arise when Nigerians carry bulk monies around rather than using internet banking system.
While Mr Agbenson berated some Nigerians for waiting until the last days to change their old Naira notes, Mr Nwaokocha encouraged the CBN to stop paying lip service to the new policy but compel commercial banks in Nigeria to distribute the new notes to customers.
With few days to the expiration of the old Naira notes 200, 500 and 1000 it is hoped that the new Naira notes would be in full circulation for a seamless transition.
Meanwhile, ahead of the CBN January 31, 2023, deadline for the use of the old naira notes of 200, 500 and 1000, some residents of Warri and its environs have complained of the difficulties they pass through trying to access the new naira notes since most of the banks do not have the new naira notes.
NewsNet Nigeria investigation revealed that most of the Automated Teller Machines (ATMs) of the banks in Warri area of Delta State on Monday were not dispensing cash.
Most of the banks’ ATM machines were either out of service or not dispensing cash.
A customer of one of the banks told DRTV news that has been a tussle trying to withdraw his own money from the bank because most of the ATM machines were not paying while the ones paying are still dispensing the old naira notes.
Another customer also complained about how the banks are still giving the old naira notes they are asked to deposit.
Some residents of Warri pleaded with the CBN to make the new notes accessible to everyone to enable them to meet up with January 31, 2023, deadline.
Some of the residents who were able to withdraw the new naira notes from the ATM machines expressed satisfaction for being able to do so while others say they were happy touching the new naira note.