• Business - Economy
  • Updated: March 16, 2023

Release More Naira Notes To Ease Hardship — Nigerians To CBN

Release More Naira Notes To Ease Hardship — Nigerians To C

Some residents of the Federal Capital Territory (FCT) have urged the Central Bank of Nigeria (CBN) to release more banknotes to money deposit banks to ease hardship.

The residents said this on Thursday while speaking with the News Agency of Nigeria (NAN) in Abuja, noting that improvement has not been seen in terms of the availability of old N500 and N1,000 notes.

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 is important for CBN to embark on intensive sensitisation as mixed reactions continue to trail the validity of the old notes.

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

According to him, 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 the 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 said.

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 hitches than accept old notes so that she could ascertain their validity.

Mariam, a tomato 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.

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