FCT Residents Decry Scarcity of New Naira Notes

By Kabir Abdulsalam

Some residents of the Federal Capital Territory (FCT) have expressed frustration and dissatisfaction over the introduction of new naira notes that are not yet in adequate circulation.

ECONOMIC CONFIDENTIAL reports that the Central Bank of Nigeria (CBN) released new designs for the N200, N500 naira, and N1000 notes, but these notes are yet to flood the country.

The residents told ECONOMY ON THE STREET anchor, Rahma Oladosu, that the CBN’s approach is causing confusion and inconvenience for businesses and individuals.

A Point of Sale, (PoS) operator, Saidu Musa, blamed the CBN for poor communication and mismanagement of the monetary system.

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“Generally, I think there is still need for the CBN to do more publicity because many Nigerians have been confused, since the implementation of new currency.

“Since the release of the new notes, I have only received it once,” he said.

Another resident, Bola Ayeni, said she had yet to received the new notes.

“I have not seen the new currency but only in pictures or on the TV screens”, she noted.

Mr Nnamdi Nonso, a trader in the Utako market, said even when the initial deadline was approaching months ago, he kept on receiving the old notes from his customers.

He noted that the implementation started very poorly and has continued to progress in a wrong manner.

The delay in releasing the new notes has sparked criticism from some Nigerians, who say that the CBN needs to do more to ensure a smooth transition to the new currency regime.

ECONOMIC CONFIDENTIAL can now report that the CBN has decided to obey the Supreme Court ruling on the use of old notes till December 31.

Banks across the country will now resume accepting and issuing the old naira notes.