New Naira Notes Still Scarce as Banks POS agents Are Waiting

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As at 11.30  am on Monday 13 February 2023 the commercial banks and POS agents in Abuja were waiting for new naira notes from the Central Bank..

Customers that besieged these outlets were waiting at the time our correspondent left one of the banks at Ares 3 in Abuja.

One of the bank officials said: ” We are still waiting to be reimbursed with new notes from CBN. The mutilated old N50 notes are no longer adequate.  Even with reducing it to N1000 per person with the crowd outside there it can’t go round.”

A petty trader Salimotu said: ” We will start demonstrating naked. The suffering is becoming unbearable.  Starvation is stirring us in the face . Our children are hungry. CBN save our souls oo”

Some government workers are staying at home as they could not find enough cash to pay for transportation.  Mr Felix Dende said until I get cash  I won’t move out of my house.  No work for now.

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But CBN has assured Nigerians it  would meet the country’s cash demands in the wake of the currency redesign policy.

Mr. Emefiele told the Council of State meeting  that the NSPMC was working on printing all denominations of the Naira to meet the transaction needs of Nigerians,” the Bank’s Director of Corporate Communications Osita Nwanisobi, said in a  statement.

“While the CBN appreciates the concerns shown by all stakeholders about the distribution of the Naira, we are alarmed at the extent to which vested interests are attempting to manipulate facts and pitch the public against the Bank.

“For the avoidance of doubt, the CBN remains committed to performing its monetary policy functions, as stipulated in the CBN Act, 2007, as amended. We also wish to restate that the NSPMC has the capacity and enough materials to produce the required indent of the Naira.