Central Bank of Nigeria CBN says the introduction of the redesigned naira notes on 15th December last year, is part of measures to fight corruption, control inflation, and mop up currency outside the banking system.

The old notes are expected to be out of circulation by 31st January 2023 across the county, yet new notes are scarce in Jigawa State.

Some residents of Dutse, the Jigawa State Capital called on the apex bank to extend the deadline to allow the new notes to circulate well and ensure the mop-up of the old notes.

A Bank manager in Dutse, who spoke to Radio Nigeria on condition of anonymity said banks have been mandated to load Automated Teller Machines ATMs with the redesigned naira notes, but still don’t have enough to load in their ATMs to satisfy customers in the state.

According to him, many customers of the UBA, Sterling Bank, Zenith, and GTBank among others in the state capital expressed dissatisfaction with the continued circulation of the old notes despite directives by the CBN to load the new notes in ATMs.

Our correspondent who went round some of the banks observed that customers, as early as 7 am on Tuesday, were in a queue to only obtain the new notes, while some ATMs are not dispensing cash.

Customers like marketers and traders also trooped into the banking halls to deposit old notes at various branches of the banks.

Meanwhile a customer, Zainab Ibrahim also interviewed noted that she was given the new 1000 and 500 old notes from POS operator on Tuesday morning.

the current situation is disheartening, I went to over four POS shops but couldn’t make any transactions due to the scarcity of the new notes. I thought we would have more of the new notes in circulation, but unfortunately, I was given new and old notes today”.

“ I feel more for traders in the markets because what this means is that by January 31st, people will still be expecting to spend the old notes,” she explained

Another customer in Dutse said it was frustrating as a merchant to deposit the old notes and could not get the new notes from the bank.

He said, “It is very frustrating and I hope that the CBN will make the new notes surplus or at least extend the deadline.”

Some of the POS operators in Dutse, Abdul Ibrahim and Kamilu Attahiru in Ringim and Adamu Lawan in kazaure local government areas expressed dissatisfaction over the development.

Also in an interview, a resident of Kazaure Sa’idu Sani Bravo urged the central bank of nigeria to ensure the circulation of new notes and commercial banks not to load the old notes in their ATMs.

While in the other hand, some POS operators also called on the central bank of Nigeria not to extend the 31st January 2023 deadline.

It could be recalled that the Apex Bank also said, the redesigned notes would discourage payment of huge cash to kidnappers and bandits among others.

COV/USMAN MZ