Residents lament as new naira notes scarcity hits Abuja

Some residents of the Federal Capital Territory, Abuja, and environs have decried the scarcity of the new naira notes.

The Central Bank of Nigeria (CBN) has restored the old N200, 500, and N1000 notes to remain as legal tender until December 31, 2023.

A correspondent of the News Agency of Nigeria (NAN), who monitored the availability of the new notes, reports that residents are lamenting over the scarcity of the new notes.

A resident of Nyanya, Moses Nnegedu, 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.

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

“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.

A resident of Garki, Gabriel Daniel, said he didn’t think the December 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 notes should be legal tenders, the few new ones disappeared,” he said.

According to a resident of Gwagwalada, Abbah Moses, those who have a lot of money and are able to get the new notes earlier are hoarding it against the December deadline.

“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 worse than what we had experienced early this year,” he said.

A resident in Dutse, Manasseh Gimba, 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 deadline will be visible,” he said.

The Supreme Court had earlier extended the validity of the old naira notes till December 31.

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

The Star