Scarcity of new Naira notes hits Abuja

Some residents of Abuja and its environs have decried the scarcity of the new naira notes.

The Central Bank of Nigeria (CBN) restored the old 200, 500 and 1000 naira notes to remain as legal tender until 31 December.
A correspondent of the News Agency of Nigeria (NAN) who monitored the availability of the new notes reports that residents are lamenting over the scarcity of the new notes.

Moses Nnegedu, a resident of Nyanya, said if CBN was serious to accomplish its goal of the circulation of the new naira notes before the deadline, it would monitor the commercial banks.

‘’The last time I used the new note was two weeks ago and it is really not available.

‘’It seems that the new notes are being hoarded. ‘’There should be political will to ensure the circulation of the new notes before the expiration date so we don’t have a repeat of cash crunch,’’ he said.

Gabriel Daniel, a resident of Garki, said he didn’t think the 31 December deadline would be visible because presently it was only the old notes that were available.

“I can’t remember the last time I saw or used the new notes because even the banks are dispensing old notes both at the ATMs and in the banking hall.

‘’One of the problems we are having in this country is non-implementation of policies and the absence of accountability from those in authority.

‘’At this point, I am just confused, because the moment the announcement was made that both notes should be legal tenders, the few new ones disappeared,” he said.

According to Abbah Moses, a resident of Gwagwalada, those who have a lot of money and are able to get the new notes earlier are hoarding them against the December deadline.