Mixed reactions as CBN launches old naira notes deposit portal

Oluwanifemi Ojo
Oluwanifemi Ojo
Central Bank of Nigeria

The Central Bank of Nigeria has on Tuesday stated that it would launch an online registration portal that would facilitate the process of depositing old notes in any of its branches.

The portal was opened on Wednesday to the public and people have been urged to make their registrations provided they have an account, Bank Verification Number, means of identification like the NIN, driver’s license, voters card or passport.

Getting to the apex bank’s portal, the instruction provided was titled, “Redemption of currency notes.”

Some Nigerians have expressed their opinions on the CBN’s portal and its viability to solving the naira crisis at hand.

While some Nigerians expressed outright disappointment about the CBN’s portal and think it may not be the best approach. Some others are in full support.

This is according to the reactions about the CBN’s portal after it was posted on the verified Twitter page of Channels Television.

While considering rural and uneducated citizens, @MohammedPopsin said, “And what of those citizens that are not learned, how are they going to cope with this form filling of a thing. And don’t also forget some citizens resides on a very remote areas, accessing nearest CBN might be wahala”

Responding to this tweet, @onoscoclassics said, “So if for over 2 months (while the banks worked even though the weekend), the unlearned citizens you are crying dor could not find a single day to go and pay their bulk old notes to the banks,  how can they do it now?? Ignorance of the laws has never been an excuse.”

“The various government and CBN officials should move to the rural areas and set up units for collection of such e.g the local govt offices and designated areas can be used. If it can be done for NIN and  election, it is not impossible. Our leaders just love causing hardship.” @MimiEyamba said while also reacting to the tweet.

Meanwhile, @democraticdziko said, “We gained independence but never did the right thing,what holds everyone accountable in a country is the law but the laws were neglected and now everyone and every agency of the is left loose without a damn to laws when it was asuu they said the law must prevail but not over CBN.”

@wasianohpep reacted, “CBN on my own perspective I will advise the Federal Govt to negotiate with CBN to accept both New and Old notes should be accepted depending on how the New note will be calculated. Thanks.”

@WuishiDike said, “It will not work. The process will fuel more violent protests.
It is expected Buhari will come up with a solution  very soon which  will extend the naira swap till April 10, 2023.”

While expressing concerns over what Nigerians will spend after depositing money,@Sajolatunde said, “The problem is, when you return old notes, where will you get new notes from? How would the person live without cash in a country like Nigeria.”

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