Agents from the Central Bank attending to residents of Kaltungo, during the CBN currency swap in Kaltungo Local Council of Gombe…yesterday. PHOTO:NAN• Senate urges CBN to soft-pedal, Reps seeks review of daily withdrawal limit• Learn from UK, HURIWA knocks CBN over last-minute cash swap• Explains why CBN is bailing out FG via Ways and Means
The decision of the House to ask for the extension followed a motion of urgent public importance moved by Sada Soli during plenary. Moving the motion, Soli said banking and other financial institutions are struggling to cope with the rush by citizens to change their old currencies to new notes, just as the shortage of new notes is creating panic.
Speaking in support of the motion, Abiodun Olujimi , stated that most Nigerians have not got the opportunity to touch the new notes, adding that the timeline for the implementation of the policy is too short. On the chaos already on the streets, Bayo Olorunpoda, a media executive, said yesterday: “I visited five banks today and none of the ATMs dispensed cash. The explanation was that banks didn’t want to load old naira notes in obedience to CBN instruction, yet they didn’t have enough new notes. Furthermore, most ATMs dispense N500 and N1,000 notes, either old or new.
“The reason is because we feel 100 days should be enough for those who have the old currency to deposit the money in the banks. And we took every measure to ensure that all the banks were open to receive all old currencies. 100 days, we believe, is more than adequate.” However, findings by the organisation indicated that about 20.1 per cent of the 38 million unbanked Nigerians do not possess identity documents , while 83.2 per cent and 85 per cent of the same population lack proof of address and documentation for tier-3 bank accounts respectively.
His words: “The insistence of the CBN Governor on the January 31 deadline is an indication that there is an ulterior motive for making notes that are currently in circulation illegal from February 1.” He, therefore, sought a one-year extension deadline by the CBN for all Nigerians, especially those in remote and unbanked areas to exchange their old notes for the new ones, citing the example of the United Kingdom, which unveiled its new notes on December 20, 2022 but gave the deadline of 2024 for banks to still swap old pound sterling for the new ones.
1000% in full-time support can governor
Why is that Banks are still issuing old notes, even ATMs?
It’s sad that our leaders are always far away from our realities. Oga Emefiele, the new notes are not available!!! Wake up!!!
What kind of Play is this 🙄 Emefiele is Smoking very Strange and dangerous W🙄🙄d lately
cenbank governor, the problem is not deposit, the major problem is withdrawal, even in Lagos yesterday, I was paid old notes.
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