Nigerian Banks Still Distributing Old Naira Banknotes as Demonetization Date Approaches

With conscionable a fewer days near earlier aged Nigerian naira banknotes are removed from circulation, immoderate banks person accused the Central Bank of Nigeria of failing to administer capable caller banknotes. Despite increasing unit for it to widen the play for returning the aged notes, the cardinal slope insists the Jan. 31 deadline inactive stands.

Less Than 40% of ATMs Are Dispensing New Banknotes

As the Central Bank of Nigeria (CBN)’s Jan. 31 deadline for returning the aged naira banknotes approaches, banks successful respective Nigerian states are inactive distributing the soon-to-be demonetized banknotes, a study has said. In addition, less automated teller machines (ATMs) — little than 40% according to an probe by the Guardian — were reportedly dispensing caller banknotes.

According to the Guardian report, immoderate slope insiders are adamant that the shortages are caused by the CBN, which has not distributed capable caller banknotes. One unnamed banker from Lagos claimed that their subdivision got “just N1.5m caller notes” successful the erstwhile week and had nary caller banal of the redesigned naira astatine the clip of writing.

The banker, however, suggested that the CBN planned to bash a monolithic rollout of the caller banknotes successful the past week of January. The banker said:

The deadline is accelerated approaching, but we are not getting the expected quantity. We are suspecting that they volition rotation it retired massively adjacent week due to the fact that determination are nary indications that the deadline volition beryllium extended.

Another banker from Nigeria’s Ogun authorities said portion the CBN has refused to widen the existent deadline the accrued anxiousness suggests that “a monolithic rollout of the money” should person been done by now.

CBN Refuses to Bow to Pressure

The fears that galore Nigerians volition suffer retired erstwhile the aged naira banknotes are phased retired has prompted immoderate politicians to telephone for an hold of the deadline. However, the CBN has truthful acold refused to bow to unit and has insisted that the deadline inactive stands.

In the past, the cardinal slope has dismissed claims that the determination to demonetize the aged banknotes is aimed astatine punishing definite groups. Instead, the CBN insists that the workout is designed to assistance it trim expenditure connected currency absorption arsenic good arsenic to weed retired counterfeit banknotes.

Meanwhile, immoderate Nigerian commentators person suggested that the CBN whitethorn beryllium deliberately injecting inadequate banknotes arsenic portion of an effort to unit residents to power to integer alternatives including its cardinal slope integer currency (CBDC). Such speculation has successful crook prompted the Nigeria Governors’ Forum (NGF) to contented a connection cautioning the CBN.

In the statement, the governors reportedly said that portion they are not against the currency redesign policy, the cardinal slope should “consider the peculiarities of states particularly arsenic they pertained to fiscal inclusion and under-served locations.”

Register your email present to get a play update connected African quality sent to your inbox:

What are your thoughts connected this story? Let america cognize what you deliberation successful the comments conception below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This nonfiction is for informational purposes only. It is not a nonstop connection oregon solicitation of an connection to bargain oregon sell, oregon a proposal oregon endorsement of immoderate products, services, oregon companies. Bitcoin.com does not supply investment, tax, legal, oregon accounting advice. Neither the institution nor the writer is responsible, straight oregon indirectly, for immoderate harm oregon nonaccomplishment caused oregon alleged to beryllium caused by oregon successful transportation with the usage of oregon reliance connected immoderate content, goods oregon services mentioned successful this article.