• Business - Companies
  • Updated: February 01, 2023

Unavailability Of New Naira Notes Leading To Starvation, Closure Of Businesses — Public Analyst

The Chairman of the Public Affairs Analysts Association of Nigeria, Enugu State chapter, Ambrose Igboke, has said withholding access to new Naira notes by the CBN and commercial banks has led to the closure of many businesses and starvation of some families.

Igboke said this on Wednesday in Abuja during an interview with the News Agency of Nigeria (NAN).

He described CBN's implementation of the new Naira notes policy as a clear manifestation of poor planning.

He said the policy was announced four months ago but the actual circulation of the new notes started just a month ago, and many Nigerians were denied access to the new notes.

“As of January 26, ATMs and banks still dispensed the old notes even up till this moment.

"How does one explain a policy where old notes were returned to the banks and customers were given the same old notes to circulate? It is a paradox.

“The plan to prevent corruption by politicians has been taken care of by the withdrawal limits; so why punish Nigerians?

“Many businesses have closed due to scarcity of new notes. Many families are already starving due to lack of access to new naira notes,’’ he said.

Igboke said that extension of the policy deadline to February 10 did not make much difference, adding that at the moment most business outfits and transporters among others were not ready to accept old notes as legal tender.

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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