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New naira note shortage takes toll on Nigerians

New naira note shortage takes toll on Nigerians

As the January 31 deadline for the phase-out of old naira notes approaches, the country’s new banknote shortage takes its toll on Nigerians.

The Speaker of the House of Representatives, Femi Gbajabiamila, has threatened to issue an arrest warrant for CBN Governor, Godwin Emefiele, for refusing to accept the House Committee’s invitation.

Commercial banks were forced to close their ATMs in major cities such as Warri, Lagos, Abuja, and Benin on Thursday due to a shortage of new banknotes.

Deposit Money Banks have been experiencing a shortage of old banknotes as a result of the CBN’s directive that lenders only load new notes into ATMs.

It was learned that ATMs in the Central Business District, CBD, Kubwa, Gwarimpa, and Utako areas in Abuja were not dispensing cash.

It is the same situation in Ogun, Lagos, Warri, Port-Harcourt, and Benin as Nigerians scramble with the pains of getting the new naira notes.

Israel Kona, a resident of Lekki, said he could not get the new note when he visited the bank on Thursday.

“Most Banks’ ATMs have been shut down due to the high demand for cash, so I had to make an over-the-counter withdrawal to get cash, but it was the old naira notes,” he said.

Read Also: Banks Reconfigure ATMs As New Naira Enters Circulation Today

Simon Oluwa, a trader in Warri, said he could not buy anything at the market on Udu road because he did not have the new notes.

He also lamented that Point of Sale, POS, agents have suddenly stopped collecting the old currencies over the difficulty of getting the new naira notes.

“It is tiring, the situation Nigerians face daily; some businesses at Udu road have started rejecting the old notes, even POS operators”, he said.

Mr Olawale Ayodele, a resident of Ogun State, expressed frustration after he went to major ATMs in Ota but could not find cash.

“I went round Ota till yesterday night (Thursday) looking for cash at the ATMs around this area but could not get. Honestly, the stress is not worth it. I cannot withdraw my own money again?” He lamented.

Emeka Michael, a lawyer in Abuja, disclosed that ATMs he visited in CBD, Garki, are not dispensing cash.

“The situation is terrible, to say the least; I had to go several places within the CBD but could not see any ATM dispensing cash. Honestly, ‘wahala’ plenty for this country”, he said.

New naira note shortage takes toll on Nigerians

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