Economy

Despite Jan 31 deadline, scarcity of notes hits Kaduna as locals reject old naira

Fitch, Withdrawals, Governors, CBN, notes, new naira, Banks

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By Francesca Iwambe

Despite January 31 date fixed by the Central Bank of Nigeria to stop the circulation of old naira notes, residents in Kaduna State have lamented the scarcity of news naira notes in the state.

According to them, commercial banks in the state are still dispensing old Naira notes.

Meanwhile, residents, especially businessmen and women across Kaduna State, have started rejecting the old notes for business transactions.

It was gathered that some ATMs across the Kaduna metropolis still dispense the old notes against the directive issued by the CBN.

The residents lamented the scarcity of new notes, saying it has made it difficult for them to transact business.

According to Alhaji Ibrahim Musa, who sells yam wholesale, he loses several customers because they are unable to get new notes.

Mrs Ruth Madaki, a businesswoman, said she had closed her shop because of a lack of customers.

Miss Rebecca James, a food vendor, said several customers have started refusing to accept old currency notes because, according to them, it’s no longer accepted as legal tender.

“Each time I go to bush market, and transact business, villagers do not want to accept the old notes. But the new notes are scarce. I find it difficult to buy the quantities of foodstuff for resale,” she lamented.

Tags: banks, women, Nigeria, Kaduna State, Kaduna, Naira, Central Bank of Nigeria

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Economy

Buhari meets with Emefiele, Tambuwal, Bagudu secretly over cash swap

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Ray of hope for Nigerians as President Muhammadu Buhari met secretly with the Chairman of the Nigeria Governors’ Forum, Aminu Tambuwal; and the Chairman of the Progressives Governors’ Forum, Atiku Bagudu over the scarcity of the three naira notes.

Also in attendance at the meeting was the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele; the Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa; as well as the Chief of Defence Staff, Gen Lucky Irabor.

The meeting held at the President’s office at the State House, Abuja.

The President was said to have cancelled it in view of the court order forbidding government from extending the February 10, 2023 deadline for the swapping of three old naira notes.

Sources within the Presidency also affirmed that the President was wary about the possible perception of disregard for lawful orders.

None of the participants at the meeting agreed to speak to the media.

Tags: Central Bank of Nigeria, President Muhammadu Buhari, Nigerians, Financial Crimes, government, Muhammadu Buhari

Economy

Akure residents protest cash crunch, fuel scarcity + photos

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By Francesca Iwambe

Some residents in Abeokuta have taken the street to protest
Naira and fuel scarcity in the country.

In pictures shared on Tuesday, residents poured into the roads and streets over biting scarcity of cash and fuel.

Carrying some sticks and burning fire on major roads, the residents were chanting in protest to the new naira policy saying, it has brought nothing but hardship on them.

Tags: protest, Akure, Abeokuta

Economy

Currency Swap: Banks In Lagos Shut Out Customers

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Some banks in parts of Lagos on Tuesday morning shut their doors against desperate customers seeking payment following the Central Bank of Nigeria(CBN) cash swap policy.

In Town planning Lagos, a new generation bank shut its gates as early as 9 am to customers who couldn’t carry out transactions too.

At Obanikoro, two new generation banks also locked their gates against customers. Visibly angry customers gathered in front of the banks lamenting the development.

Some of them accused the CBN and powerful government forces of plotting to frustrate the forthcoming general elections.

A mild drama played out in one of the new generation banks on town planning when a man openly cried about inability to access cash.

He said he needed to do an urgent transfer for his sick wife’s surgery.