New Naira Scarcity: PH Residents Groan

As long queues continue across most commercial banks in Port Harcourt even after the presidential elections, residents have blamed some banks for hoarding the new naira notes.
As at Wednesday huge crowd were seen at premises of banks at Ikwerre Road, Aba Road and Trans Amadi and other parts of the metropolis in their quest to have access to the new naira notes.
Last month after shift of deadlines on the use of old notes, President Muhammadu Buhari announced that aside the N1000 and N500, only old N200 notes were to be used till 10th of April.
Earlier before that time, the apex bank had said it will not shift ground on the January 31st deadline it gave last year as expiry date for use of old naira notes.
Last Wednesday however news circulated that the Supreme Court had placed injunction restraining the CBN from enforcing the February 10th deadline, after three Northern governors approached it to restrain the apex bank from enforcing the deadline on February 10th.
Before the legal fireworks, the Senate had intervened penultimate week during plenary before the elections, and urged the Central Bank of Nigeria (CBN) to maintain the status quo of old notes till June 30th, 2023.
Consequently, some residents while reacting to the scarcity and unavailability of the new notes have decried that they could not get the new notes, as Point of Sale (POS) operators are smiling home with huge charges on customers.
Dandeson Dappa, an engineer and businessman narrated his experience to The Tide Metro saying that the situation is putting pressure on his family. “I bought scent leaves, pepper and onions with cash transfer even after the elections. I thought the situation will improve but nothing has changed.”
Though he said that the cashless policy will improve the economy in the long run, Dappa urged the Central Bank to release cash into the economy.
Esther Adizua told The Tide Metro that since Monday after the presidential elections she had tried various banks to look for cash, “I went from Ikwerre Road to Aba Road to Trans Amadi, it was only in one branch I could get money”. She added that even many ATM machines across the city are not dispensing cash.
Adizua advised CBN to release cash into circulation as the situation bites harder.
For Francis Edookor, the situation is painful as he left his house very early to pick number at the bank in order to have access into the banking hall early to withdraw from the counter. “ I left my house by 5.30am on Tuesday so I could get number and at the end got only N3000 from the counter.”
He said he has been doing so for the past two days, since he could not pay the 40 per cent charge by POS operators on customers.
The Tide gMetro investigations revealed that many POS operators charge high upto N400 per N1000. Only few operators charge N300 per N1000. The situation had put huge pressure on the masses.
On her part, Bridget Beke, a civil servant, disclosed that she got her last salary from the bank in torn old naira notes of N100 and N200 naira denominations
“I will urge them to maintain the old notes for now. Since that money came into circulation I have not gotten any.”
She called on CBN to extend the deadline for another three months to enable the citizens get the new currency.
Beke further blamed some businesses, especially those operating the Pay On Point of sales machines (POS) for hoarding the new currency and selling at high rates.
Even at that she said, “the POS operators are now making huge profits by charging high rates to issue money to their customers.
A book vendor at Mile 1 Diobu area, Chidi Michael, blamed the situation on some customers who buy goods with old currency in exchange of new naira notes.
Mr. Michael expressed fear that fraudsters may exploit the situation to faking the new naira notes, which he said are too brightly coloured and looks inferior than old ones.
He maintained that the April deadline may not be feasible as far as majority of the populace do not have access to the new naira notes.
Another resident, Ine Minima, admitted that her bank were issuing the new notes ,but that it was not available enough to circulate to customers.
“ In my bank today they paid N2,000 at the counter, but those who queued at the ATM got N5,000 only,” she stated.
She urged the CBN to give more time so citizens will have access to the new notes.
“They should work on improving the printing and circulating more of the new currency” Minima stressed.

By: Kevin Nengia