Old and New Naira Notes Saga:  CBN Moves To End Scarcity, Orders Commercial Banks

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The Central Bank of Nigeria (CBN) has informed commercial banks about urgency needs of the new Naira notes among the populates.


CBN has instructed Deposit Money Banks (DMBs) to release the new naira notes to Point of Sale (POS) operators or face sanction.



While the central bank has continued to claimed that there are enough new naira notes in circulation based on allocation with commercial banks.



According to the CBN countdown clock, depositing of the old naira notes remains only two days, January 30 & 31, 2023



“The old naira notes remain legal tender till midnight Jan. 31.”


Alhaji Buhari Abbas, the CBN Controller in Zamfara state, issued the charge on during a sensitization session for POS operators in Gusau.



According to his statement in Vanguard, saying the step was necessary to alleviate the suffering felt by citizens and businesses as a result of the state’s poor circulation of new naira notes.



The directive came against the backdrop of public outcry over the scarcity of the new banknotes, as traders and businesses in the area refused transactions in old naira notes.



He stated that the central bank would not tolerate currency hoarding and warned that defaulters would face sanctions.


The controller asked POS operators with bank accounts in Gusau to obtain replacement notes from DBMs and notify erring institutions.


According to him, the daily transaction limit for POS operators is N500,000, while individual bank account holders have a restriction of N10,000.



Buhari instructed POS operators not to charge customers more than the standard amount, threatening to punish violators.



He said.



Leadership reports that traders and businesses in Gusau rejected the old naira notes due to the alleged hardship they faced in depositing it in the banks.



Also reported that some parts of Kogi state, businesses and shops owners has closed on the transactions to avoid old notes exchange of goods and services.



The situation got worse leading to the near collapse of businesses due to the scarcity of new naira notes in the state.



Meanwhile. Nigerians have reacted to a video showing a bundle of new naira notes sprayed at a party.



The video is coming at a time many Nigerians remain unsure of their fate after the January 31, 2023 deadline while ATMs run dry amid scarcity



Also, in another report of fight at ATM Point Over Customer’s Attempt to Withdraw Cash With Multiple Cards amid scarcity



Nevertheless, the Central Bank of Nigeria has reaffirmed that the deadline for depositing old currency will not be extended.

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