Kogi residents lament scarcity of new naira note

Agency Report
Agency Report

Oluwanifemi Ojo

As the deadline issued on the old naira notes by the Central Bank of Nigeria draws closer, some of the Kogi State residents have lamented the scarcity of the new banknotes.

The News Agency of Nigeria reported that most banks in Kogi State are yet to distribute the new note to the public as the people can withdraw only the old notes through the bank’s Automated Teller Machines as well as from the counters.

While expressing their displeasure about the unavailability of the new notes, some residents who spoke with NAN expressed their concern about the deadline CBN has set to phase out the old notes which is in two weeks.

Hajia Lami Audu, a businesswoman from Kogi, warned that unless the deadline for the release of the new 1000, 500, and 200 Naira notes by the Central Bank of Nigeria (CBN) and commercial banks is extended, it could lead to a crisis.

From the analysis made by some market men and women, the majority of their customers have been using old notes.

A few of them expressed their fears about the new note because they confirmed it bleaches when in contact with any form of liquid.

On the other hand, the bank’s operation managers did not take the blame given by the public during their interview with NAN.

They said their branches have not been given enough mint to circulate the entire state, adding that the ATM machines have been left empty due to the instructions from the CBN to stop stocking the machine with old notes.

The medical doctor who spoke acknowledged the effort of the Central Bank. She however stated that more strategies be put in place to ensure people do not lose their hard-earned money, especially those in rural communities.

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