• News - South West - Osun
  • Updated: February 28, 2023

Post Election: Naira Crunch Still Visible In Osun

Post Election: Naira Crunch Still Visible In Osun

Some days after the presidential and national assembly elections in Osun State, the Naira crunch situation is yet to abate in the state.

AllNews Nigeria gathered that on Monday, February 27, 2023, many banks within the state did not open for business.

No tangible reason was given for the closure but in some of the banks visited, bank staff on the counter were observed dispensing N20,000 cash of N200 notes to customers.

The reason for the enquiry is that the maximum daily withdrawal amount is still N20,000.

Also, on Tuesday on the resumption of business, a significant number of customers were observed on queues in front of the banks awaiting access to the bank halls.

Customers who spoke to this medium stated that things have begun to improve as the long queues have started to reduce.

They also stated that though withdrawal was impossible in some banks, other banking activity went on as usual.

In the last quarter of 2022, the Central Bank of Nigeria (CBN) through its Governor, Godwin Emefiele announced plans to effect a colour change for the N1,000, N500 and N200 notes.

The timeline given for the old notes to be out of circulation was between December 15, 2022, and January 31, 2023.

In January 2023 after much pressure, the CBN postponed the deadline to February 10, 2023, but some governors especially in the All Progressives Congress (APC) approached the Supreme Court seeking an extension of the deadline.

The Supreme Court has since adjourned twice on the matter from February 15, February 22 and now to March 3, 2023.

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