The Next Edition
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
No Result
View All Result
The Next Edition
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
Home Featured

Redesigned Notes: Lagos Residents Groan As Scarcity Hits Hard

Next Edition by Next Edition
January 31, 2023
in Featured
COVID-19: CBN, Bankers’ Committee To Support Airlines, Media With Special Facilities

CBN Governor, Mr. Godwin Emefiele.

0
SHARES
2
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

Some Lagos residents have expressed their frustration and anger as they spend hours on long queues without being able to withdraw cash via Automated Teller Machines (ATMs).

A NAN correspondent who monitored the development at some banks around Airport Road, Ikotun, Surulere, Ejigbo and Oshodi-Isolo axis, reported that people queued up for more than one hour to be able to withdraw as little as N2,000.

You might also like

NNPCL Empowers 531 Corps Members With Grants, Starter Packs

Fed Govt Files Criminal Charges Against Natasha

Reps Approve 10yr Security For Journalist Over Benin Republic Degree Scam Exposé

The situation was the same in almost all bank branches on the mainland, while the maximum amount paid was N20, 000.

The Central Bank of Nigeria (CBN) had ordered banks to load their ATMs with the new redesigned naira notes to ensure Nigerians have access to it.

The new redesigned naira notes comprising N200, N500 and N1000, became a legal tender on Dec. 15, 2022, after they were unveiled by President Muhammadu Buhari on Nov. 23, 2022 in Abuja.

The CBN had earlier fixed Jan. 31 as deadline for the collection of old naira denominated notes, but later extended the time limit to Feb. 17.

The CBN Governor, Mr. Godwin Emefiele, said the extension was to allow Nigerians that have naira legitimately earned and trapped, the opportunity to deposit their monies for exchange.

Some of the customers who spoke in separate interviews with NAN, called on CBN to compel the commercial banks to dispense the new notes at their ATMs to ameliorate sufferings of the people.

Mrs Affiong Peters, who owns a provision shop, urged the government to come to the aid of the poor masses.

READ ALSO: Alleged Data Breach: NDPB Investigates GT, Zenith Banks

“The scarcity of the new naira notes has led to some people being hungry and not able to feed their families because of their inability to withdraw money from the ATMs.

“You will not believe that I have been on this queue since 12 p.m., and it’s almost 1.30 p.m., I still have not been able to withdraw. Government should come to our aid,’’ Peters said.

Mr. Owolabi Anjorin, a petty trader, also called on the apex banks to ensure the new notes were in circulation.

“I was on the queue for one hour before I could withdraw just N10,000. if you were not a customer of the bank, where you were to withdraw from, the ATM would only pay you half of the amount you wanted.

“I think this extension is okay, but dispensing back the old notes that customers have deposited is not helping the issue at hand.  So, if the apex bank can allow more money in circulation, it will help,’’ he said.

Mr. Andrew Louis, an electrician, also spoke in the same vein, said old and new notes should be used concurrently till the new notes were fully in circulation.

“I have been here for over an hour waiting to withdraw my money, after two people withdrew about N20,000, the ATM stopped dispensing.

“When we asked what went wrong, the bank officials told us that the money had finished.

“This is annoying, if they know that they do not have the new notes to give to us, it is better for them to still be collecting the old one, while the new one is still coming as it is presently not in circulation,’’ he said.

Mrs Ofonime Udoh, a nursery school minder, called on the apex bank to adjust its policy on the new naira notes as well as the withdrawal limit, saying it was not in favour of the poor masses.

“I went to the bank today to make a withdrawal and I was told that I could not withdraw, but I could only deposit; ATMs and banking halls were not paying.

“The truth is that many people are stranded, some are crying that they cannot withdraw their money, marketers and petty traders are not selling because people are not coming to buy.

“So, they should help us look into it and adjust the policy for us, it’s not in our favour at all,” she said. (NAN)

Tags: banksCBNEmefieleLagos residenceNew Naira notenew redesigned Naira
Next Edition

Next Edition

Recommended For You

12 Corps Members Get State Awards in Gombe

NNPCL Empowers 531 Corps Members With Grants, Starter Packs

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has empowered 531 members of the National Youth Service Corps (NYSC) with N531,000 each and starter packs to support entrepreneurship...

Senator Natasha Akpoti’s Macabre Dance in Brekete Family Radio

Fed Govt Files Criminal Charges Against Natasha

The Federal Government has filed a criminal charge against suspended Kogi Central Senator Natasha Akpoti-Uduaghan. She was accused of defaming Senate President Godswill Akpabio and former Kogi State...

Reps Approve 10yr Security For Journalist Over Benin Republic Degree Scam Exposé

Reps Approve 10yr Security For Journalist Over Benin Republic Degree Scam Exposé

The House of Representatives has approved a 10-year security protection for investigative journalist Umar Audu, following his exposé on widespread certificate racketeering involving degree mills in the Benin...

JAMB Eases Restrictions On Services To Aid pre-2020 Candidates

UTME 2025: JAMB Introduces Emergency Support Centre For Candidates

The Joint Admissions and Matriculation Board, JAMB, has set up a Candidate Counselling Emergency Support Centre.   This will help in providing additional support to candidates with urgent...

Next Post
Joke Silva Becomes Member Of Actors Guild Board Of Trustee

Joke Silva Becomes Member Of Actors Guild Board Of Trustee




Related News

Tinubu Urges Peace In Nigeria

Tinubu Denies Meeting Wike In France But Says His Doors Are Open

Optometrist says untreated hypertension results in blindness

Optometrist says untreated hypertension results in blindness

North Korea blows up nuclear bomb test sites

North Korea blows up nuclear bomb test sites




The Next Edition

Office Address

3B, Agboola Aina street, Off Toyin Street,
Ikeja, Lagos.

Quick Contact Details

Phone:
08033018430
Whatsapp:
08051679910

Email:
[email protected]
[email protected]

Categories

  • Aviation
  • Beauty
  • Breaking News
  • Business
  • Columnists
  • Editorial
  • Entertainment
  • Fashion
  • Featured
  • Football
  • Foreign
  • Headline News
  • Home & Garden
  • Interviews
  • Investigations
  • North Central
  • North East
  • North West
  • Opinion
  • Parenting
  • Politics
  • Relationships
  • South East
  • South West
  • South-South
  • Special Reports
  • Sports
  • Top News
  • Vox Pops

© Next Edition Business Development Limited

  • About Us
  • Advert Rate
  • Contact Us
  • Privacy Policy
  • Terms of Use
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate

© Next Edition Business Development Limited