Scarcity of new Naira notes hits FCT, residents cry out

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

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

Mr Moses Nnegedu, a resident of Nyanya, said if CBN was serious to accomplish its goal on the circulation of the new naira note 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.

Mr Gabriel Daniel, a resident of Garki, said he didn’t think the Dec. 31 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 note should be legal tenders, the few new ones disappeared,” he said.

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

” So, even if the banks release the new notes and it is being hoarded by some person, there will not be enough in circulation.

‘’In the past one week, I have only seen one new N500 note.

’’ The situation might be worst than what we had experienced early this year,’’ he said.

Mr Manasseh Gimba, a resident in Dutse, said the last time he saw the new note was a month ago.

‘’CBN should print more new notes and ensure they are in circulation.

‘’The old notes in circulation should be limited if the December dead line will be visible, he said.

NAN reports that the Supreme Court had earlier extended the validity of the old naira notes till Dec. 31.

However, Nigerians believe that the new notes, in circulation though, which were hard to get at the time of release, have gradually vanished.