If not for the intervention of a passersby, Quadri Adejumo would have been involved in a physical combat with a PoS operator in Ibadan, capital of Oyo state on Sunday, Jan. 29.
Instead of collecting N100 interest for the sum of N5,000 he intended to withdraw, the PoS operator requested for N300, in order to the newly designed naira notes. Soon, Quadri got involved in a verbal argument that was fast degenerating into fight with the operator.
The PoS operator told Battabox that she bought the redesigned new banknotes from bank officials at high rates, hence, the need to make additional income.
Sources in different commercial banks alleged that officials have been hoarding the new naira notes for distribution to their high-net-worth customers most of whom are politicians.
Redesigned notes
The Governor of Central Bank of Nigeria, Godwin Emefiele, had on October 26, 2022 announced the apex bank’s resolve to redesign, produce, and circulate new series of the N200, N500, and N1, 000 denominations.
Emefiele argued that the development was help to manage money supply, tackle currency counterfeiting and terrorism, among others.
“While the circulation of the new banknotes would commence on December 15, 2022, the new and existing currencies would remain legal tender and circulate together until January 31, 2023, when the existing currencies shall seize to be legal tender,” he had said.
Meanwhile, the scarcity of the new naira notes persist in many parts of the country, especially in remote communities.
As of Jan. 29, ATMs in various areas were still dispensing the old naira notes and about 95 percent of transactions in Nigeria are still done with the old notes.
After a lot of criticism, Emefiele announced the extension of deadline for the use of old naira notes to February 10.
SEE: Problems With The New Naira Design
Scarcity at various banks
Security sources who spoke under anonymity on Monday told Battabox that supply of the new notes has been inadequate so banks can hardly meet customers’ demands.
A Firstbank manager in one of the branches in Lagos said he usually fill its ATMs with N20 million for use by customers but he was only given a total of N2 million of the new note.
“We have no choice than dispense the old naira. We are not getting enough cash and we can’t dispense what we don’t.”
Meanwhile, local stores in major markets are rejecting the old notes as legal tender as Nigerians live in fear of losing the money.
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Using old naira to buy new naira?
The State of State Services (SSS) has raised alarm that some members of an organised syndicate are selling the new naira notes in parts of the country.
According to the Public Relations Officer of the SSS, Peter Afunanya, some Commercial Bank officials are aiding the economic malfeasance.
“Consequently, the Service warns the currency racketeers to desist from this ignoble act. Appropriate regulatory authorities are, in this same vein, urged to step up monitoring and supervisory activities to expeditiously address emerging trends.
“It should be noted that the Service has ordered its Commands and Formations to further ensure that all persons and groups engaged in the illegal sale of the notes are identified. Therefore, anyone with useful information relating to this is encouraged to pass the same to the relevant authorities.”
