Despite the ten days extension given by the Central Bank of Nigeria (CBN), on the exchange of old naira notes for the new designs of the currency, there were large crowds and long queues at cash points and banking halls in major cities across Nigeria earlier in the week.
A visit by newsmen to banks and various Automated Teller Machines (ATM) points on Monday and Tuesday revealed that Nigerians continue to lament the scarcity of the new notes amid poor banking operations.
While the scarcity of the new notes worsened cash transactions for many traders in local markets, poor network and other technical issues stifled online transactions in stores, restaurants, and shopping malls in major cities.
Recall that the Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, had on Sunday announced a 10-day extension of the deadline for the acceptance of old naira notes as legal tender, after a meeting with President Muhammadu Buhari in Daura, Katsina State.
The circulation of the new banknotes started on 15 December, with the old notes scheduled to cease to be a legal tender after 31 January.
However, the development has generated heated debates among the general public, as Nigerians lamented the scarcity of the new currency notes.
With the extension of the deadline, many Nigerians expected that the chaos generated by the policy would be resolved and that normalcy would return to the banks.
However, reports revealed that the chaos persists despite the CBN’s extension of the deadline.
According to the reports, traders in Ondo State have resorted to rejecting the old Naira notes as means of legal tender in the State.
The rejection of the old notes by most traders has become a huge concern for residents of the State, particularly as the full circulation of the redesigned notes was yet to be felt in the State.
Before the initial deadline of January 31, bank customers were seen in their numbers depositing the old notes in banks, while some POS operators were opting for transfers from customers after they complained of not being able to access the new notes.
