Nigerians to CBN: Release naira notes to ease hardship

Some residents of the Federal Capital Territory (FCT) have called on the Central Bank of Nigeria (CBN) to release more naira notes to Deposit Money Banks (DMB) to ease hardship in the country.

The residents, on Thursday, said improvement has not been seen in terms of the availability of old N500 and N1,000 notes.

They said it was worrisome that three days after the directive for their use till December 31, cash queues still persisted in the country.

According to them, some banks are not dispensing cash while some are dispensing between N2,000 and N5,000 with only a few dispensing between N10,000 and N20,000 per withdrawal.

The residents also said it was important for the CBN to embark on intensive sensitisation as mixed reactions continued to trail validity of the old notes.

READ ALSO: Concerns as banks run out of old, new naira notes

An entrepreneur, Anthony Akpan, said it was of no effect announcing the validity of the old Naira notes when they are not in circulation as expected.

Akpan stated that “mere pronouncement” on the validity of the old notes will neither end queues in banking halls nor alleviate people’s suffering.

On the acceptability of the currency, Apkan said while he had not experienced rejection of the old notes, people had attested to the fact that some business operators are still rejecting them.

“The distrust and controversy surrounding the redesigning of the old currency from the beginning contributed largely to the mixed feelings from people.

“There is a need for the CBN to create awareness about the validity of the notes, particularly in markets and rural areas,” he told NAN.

A food vendor, popularly called Madam Christy, said she heard banks had started dispensing but not accepting old notes.

She said until she is sure of spending the notes without hitch, she would not accept them.

The vendor said she would continue to accept mobile transfers in spite of its hitches than accept old notes that she could ascertain their validity.

The NAN correspondent, who monitored the availability and acceptance level of the old notes at Automated Teller Machines (ATMs), markets, and motor parks, reports that people are transacting business with them.

At Aviation Garden close to the Nnamdi Azikiwe International Airport, people were seen transacting business with old notes.

Also, at Utako market in the FCT, business operators were seen using the old notes.

They, however, said more notes should be released by the CBN, adding that most of their transactions are still online.

At Karu Market, however, some business operators were rejecting the old notes.

Mariam, a tomatoes seller, said she is unaware that CBN had given a directive for acceptance of the old notes.

She said she only saw people accepting the notes in the market.

The Star