Point of Sales (PoS) Operators across the country has decried low access to the new naira five days after the redesigned banknotes were introduced into the Nigerian financial system.
This is because the banks they are partnering with do not have enough supply, according to an analyst.
The new naira notes consisting of high denominations like N200, N500 and N1,000 were rolled out across the country on Thursday, December 15, 2022.
A visit to some areas in Lagos, covering Amuwo-Odofin, Kirikiri, Apapa, and Aba, Abia State, showed that the PoS operators were transacting heavily with old naira notes while customers who want to have a feel of the new naira were disappointed.
“We do not have the new naira. I was at my bank on Monday to request it but ended up being paid in old notes. My customers are asking about the new naira, they want to see it,” Nnenne Promise, a PoS operator based in Amuwo Odofin, Lagos said.
Another customer, who gave his name as Saiid, said, “I went to my bank to withdraw money. They added only two pieces of new naira note. Now I don’t have it to give to customers.”
Some of the banks’ branches visited on Tuesday were yet to get the new naira allocation from their head office.
“We usually receive N500,000 new notes and ration to customers at N5,000”, a banker based in Lagos told BusinessDay by phone.
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Many Nigerians have expressed dissatisfaction with the redesigned naira and said they preferred the old note. I don’t like it because it can easily be faked. I had rejected it from a customer but in another incident, I had to accept it because that was the only note the customer had,”Olachi Obina, Lotto operator said.
“Basically, the CBN is responsible for all currency management and also works to prevent fraudulent activities on the currency, such as counterfeiting of the naira notes,” Ayodeji Ebo, managing director/CBO, Optimus by Afrinvest, said.
Speaking with BusinessDay in Apapa, Nonso Ezeji, auditor, said “I am aware of the new naira note. I have not seen it physically but I have seen it in the pictures circulating on social media. In terms of the redesign, I will prefer the old note but the CBN has its reason for redesigning the naira.”
Five days after the CBN approved the issuance of the redesigned naira notes, all the commercial banks in Aba, the commercial hub of Abia State, are still issuing the old notes, while the new notes are being rationed.
However, only the new N1000 bill is in circulation in Aba at the moment. Automated Teller Machines (ATM) at all the banks visited Tuesday, namely First Bank, on Pound Road, Access Bank and Zenith Bank, all on Eziukwu Road, were still dispensing the old notes.
Only customers cashing money at the counter are the ones getting the new notes, which are mixed sparingly with the old notes.
For instance, a customer, who withdrew N100,000, at the counter, got only N2, 000 of the new N1, 000 bill. The banks claimed that they have not received enough of the redesigned notes from the CBN.
Godwin Emefiele, governor of the CBN, said the policy will quicken the attainment of a cashless economy as it is complemented by increased minting of eNaira. It will curtail currency outside the banking system and, as monetary policy becomes more efficacious, help to rein in inflation, he said.
The central bank recently announced the redesign, production, release, and circulation of a new series of three banknotes out of the existing eight banknotes, comprising N200, N500, and N1000 denominations, respectively, effective December 15, 2022; after its launch by Buhari.
