Challanges Faced With Redesign Naira Notes – Emefiele
Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Friday blamed the unpleasant situation created by the Naira swap on the limited capacity to print enough new Naira notes. Emefiele said this factor led to supply constraints.
The CBN chief made this disclosure when he spoke at the National Council of State meeting in Abuja earlier today (Friday).
“The Mint has run out of papers to print N500 and 1,000 notes,” a source speaking on the supply constraints The Minit faces expatiated.
“They have placed orders with a German firm and De La Rue of the UK (for papers) but they have been placed on a long waiting list so their orders cannot be met now,”
Apart from supply constraint, Emefiele also lamented the activities of saboteurs in the banking sector, who he said, are hoarding the new notes.
Many Nigerians faulted the currency swap policy and the shortage of the new notes which have frustrated efforts by many citizens operating in the nation’s cash-dependent informal economy to do business, make payments, and enjoy certain services.
Millions are stranded due to the chaotic rollout of the naira redesign.
While Nigerians in some cities are allowed to withdraw a maximum of 20,000 naira, Automated Teller Machines (ATMs) are not dispensing cash in many parts of the country.
The cash crunch has also overwhelmed the digital payments system as customers opt for online transfers, with transactions taking hours to be completed or failing totally.
Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Friday blamed the unpleasant situation created by the Naira swap on the limited capacity to print enough new Naira notes.
Emefiele said this factor led to supply constraints.
The CBN chief made this disclosure when he spoke at the National Council of State meeting in Abuja earlier today (Friday).
“The Mint has run out of papers to print N500 and 1,000 notes,” a source speaking on the supply constraints The Minit faces expatiated.
“They have placed orders with a German firm and De La Rue of the UK (for papers) but they have been placed on a long waiting list so their orders cannot be met now,”
Apart from supply constraint, Emefiele also lamented the activities of saboteurs in the banking sector, who he said, are hoarding the new notes.
Many Nigerians faulted the currency swap policy and the shortage of the new notes which have frustrated efforts by many citizens operating in the nation’s cash-dependent informal economy to do business, make payments, and enjoy certain services.
Millions are stranded due to the chaotic rollout of the naira redesign.
While Nigerians in some cities are allowed to withdraw a maximum of 20,000 naira, Automated Teller Machines (ATMs) are not dispensing cash in many parts of the country.
The cash crunch has also overwhelmed the digital payments system as customers opt for online transfers, with transactions taking hours to be completed or failing totally.
