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Naira Redesign leads to money scarcity in Towns and Villages across Nigeria

The Central Bank of Nigeria, CBN has denied The scarcity of the new naira notes as alleged by Many Nigerians. The CBN have Asked citizens to deposit the old notes at their various banks and acquire new ones with immediate effect to avoid any losses as the deadline approaches.

It’s very clear that the new naira note supply to commercial banks are simply not enough even if the CBN says it is because this money is obviously been held Away from the public for reasons unknown to Nigerians. The CBN says they gave massive supply and the commercial banks says “ No money” who is right, who do we believe? and it seems like only influential people have the new naira note. you rarely see people in Urban Areas with the new naira note. It seems they make their way to the counter and bribe their way to being Attended to in a second.

Tuesday, January 31, 2023, the former naira series of N200, N500 and N1,000 notes will no longer be recognized as legal tender And because of this , business owners only take the new naira note As of the time of writing this Article.

People go to the bank in hope to change their money or withdraw the new naira note only to return back home without Achieving that purpose. ATM are still dispensing the old naira note which is wrong on Every level.

This is Frustrating for many people. You have money and you can’t use it because the means to change it, is not just working or seem so unavailable . ATM’s have to start dispensing the new Naira note Immediately to enhance circulation And the banks has to start working over time to change the old notes to the new naira note design if this is not done there will be massive loose for Nigerians as the deadline Approaches .

Priscilla O. Anthony

Written by Priscilla O. Anthony

Anthony Priscilla is passionate about societal growth, business and politics. she started a research about Digital marketing and it's Elasticity in 2019 which is still in progress.

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