Two weeks after the Central Bank of Nigeria (CBN) approved the circulation of the redesigned naira, most people in the southeast region of the country are yet to see or receive the new notes from money deposit banks.
This is not peculiar to those in the rural areas, as some urban dwellers, who have accounts with commercial banks, also complained that they have not seen the new notes as banks continue to pay out the old notes.
Kate Orji, a civil servant in the Abia State ministry of information, who resides in Umuahia, the state’s capital, told BusinessDay that she hasn’t seen any denomination of the new notes since the launch.
“I make use of the ATM when I need cash and none has dispensed the new bills.
This is the same experience in Owerri, Aba, Enugu, and Abakiliki. A total of 10 people interviewed in Owerri, Imo State capital, said they have not seen the new notes.
“The circulation rate is so slow and banks here in Owerri are still giving out the old notes,” Okechukwu Opara, an entrepreneur stated.
“And I recently saw a photo of the new note washing off when touched by rain; can this note stand the test of time? Won’t it be a problem with the rainy season,” he queried.
Read also: Naira falls across foreign exchange markets
Godwin Emefiele, governor of the CBN, on October 26, 2022, announced that new naira notes would be introduced to replace the current 200, 500, and 1,000 notes.
The CBN approved the circulation of the redesigned notes on Thursday, December 15, 2022, while existing notes would cease to be regarded as legal tender by January 31, 2023.
According to the CBN, the notes were redesigned to address the issue of individuals, who have made currency fraud their main source of income.
The currency change also aims to deal a fatal blow to the growing kidnapping and ransom industry.
The change in the notes is also said to aid in lowering the rate of inflation, as well as help control the amount of money in circulation.
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