Many Nigerians wonder why the new Naira notes have yet to be circulated in large quantities despite the January 31st deadline by the Central Bank of Nigeria (CBN).
Though the National Assembly is pushing to extend the deadline to around June, many Nigerians still wonder when they will handle the new currency.
Information from a trusted source, gathered by REPORTERS AT LARGE, highlighted some reasons why many Nigerians have yet to experience the much-awaited new currencies.
“POS machines still dispense old notes because the cassette in the machine that dispenses has to be changed to a new one that could dispense the new currency. The new cassette that can dispense N200 new note is just being installed and effective from Monday, customers can start to collect N200 new notes from ATM machines.
“On the counter, if you are collecting N20,000 you can only be given N5,000 new notes and N15,000 old notes.
“For a week individuals can only collect N500,000 and corporate bodies N1 million. If you need more than that you will have to use POS or do cash transfer.
“The CBN is enforcing the cashless policies vigorously. So, market people are to use POS or receive cash transfers. Liaise with their account officer to verify transactions to beat the activities of fraudsters.
“Many people who collected the new notes are keeping it, hence why it is not in circulation as it should be,” a bank official who pleaded anonymity said.
Many Nigerians still lack the new notes as they continue to use the old notes; hence, they are worried about the deadline set by CBN.
Mr Tunji Adepeju, a financial expert on currency redesign, lamented that some bank executives were not making things work well because not many Nigerians had seen the new naira notes.
“If things will go well, the banks need to push out the bulk of these new naira notes into circulation. The ATMs are still dispensing the same old naira notes.
“Those who want to frustrate the CBN Naira redesign project should rethink,” he said.
