This is a very difficult time to live in Nigeria as the country has been brought to its knees by the current naira scarcity, no thanks to the Central Bank of Nigeria’s CBN policy of naira redesign and cash swap.
The implementation of the policy which was deemed to tackle inflation seems not to be properly thought through as it has led to economic hardship.
Nigerians in the last two weeks or so have been besieging bank ATM points for naira that seems to be short in supply.
The country has also witnessed some form of protests in some states. Some of the protests went violent yet the situation seems not to be getting better.
One will think that by this new week, the cash would have been in surplus or the old notes would be used pari passu.
The situation however took a new turn for the worst on Monday 13th February, as
some commercial banks and filling stations stopped collecting the old naira notes from customers.
Not even the Supreme Court intervention that the CBN should extend the Feb 10 deadline for the currency swap has provided any succour as the apex bank remains defiant.
The promise to pump more cash to the commercial banks could better be described as a promissory note that is still futuristic as it lacks real backing.
NewsSpec learnt that on Monday, the banks refused to accept the old N1,000, N500 and N200 notes from depositors and point-of-service (POS) agents who flooded the banks to lodge their cash.
NewsSpec investigation revealed that the commercial banks are yet to receive directives from the CBN to extend the deadline beyond 10 February as the Supreme Court has directed.
Some bank officials told our Correspondent that they refuse to accept the old notes based on the current directives of the apex bank and since there are no contrary instructions they cannot do otherwise.
These caused panicking from both Point of service operators and other bank customers whose old naira notes were rejected.
Food vendors were also seen rejecting the old naira notes from customers. Customers resorted to transfers or the use of POS.
Commercial vehicles and motorcycles in some areas in the FCT were seen accepting the old notes from passengers as at the time of this report.
As NewsSpec went round FCT, the queues at the ATM seemed not to be abating. Even ATMs that are not dispensing cash have queues as people remain on queue out of homelessness and also in anticipation that anything can happen.
