New Naira notes; anger across Nigeria

*decry the unavailability of new notes

Nigerians have continued to express anger over the hardship brought by the naira redesign. Many are unhappy at what they deem a ‘hasty’ implementation of the policy and insensitivity of the CBN and FG on the matter.

ATMs not dispensing cash

As at yesterday, reports across Nigeria indicated that very few ATMs were dispensing cash to customers. Due to the scarcity of new notes, many banks suspended the issuance of money via their ATMs in order not to contravene CBN policy.


Withdrawals were mostly made over the counter. Still many customers reported being given old notes at the counter.

Stranded customers were also seen in long queues at the ATMs, with some staying late into the night on Friday.

Long queues

In order to keep up with the January 31st deadline by CBN, many Nigerians were seen flocking in droves to commercial banks to deposit and convert their old naira notes. The surge in customers resulted into corresponding large queues at the various banks.

Many Nigerians on social media lamented staying in line for several hours just to make various transactions at banks.

long bank queues

Fewer POS agents open

POS agents across the country, especially in the rural areas had stopped operating or were no longer collecting the old notes on Friday. Customers recounted being stranded as a result since rural settlements depend more on POS services than banks.

Many shops, businesses and even commercial transport providers were reported to have stopped collecting the old notes. Service providers and businesses described being at a loss on what to do about scarcity of new notes and collecting old ones from customers.

President Mohammadu Buhari and the CBN Governor; Godwin Emefiele have insisted that the deadline remains Jan. 31 for exchange of old notes.

Also read

Leave a Reply

Your email address will not be published. Required fields are marked *