A few weeks before the previous banknotes’ expiration date, the Human Rights Writers Association of Nigeria (HURIWA), a civil rights advocacy group, has questioned the Central Bank of Nigeria (CBN) about the lack of new naira notes.
Banks all around the nation have continued to accept the old notes from December 15, 2022, when the new notes went into circulation.
ATDs and Point of Sales (PoS) are still issuing old banknotes alongside new ones, despite the new notes being nowhere to be seen.
The tiny supply of new naira notes has been devoured by currency hawkers and wealthy people, some of whom have advertised the sale of the redesigned notes on social media.
The Economic and Financial Crimes Commission (EFCC) was encouraged yesterday by HURIWA’s National Coordinator, Emmanuel Onwubiko, to pursue currency hawkers and other hoarders in order to retrieve the stockpiled currencies.
The group also charged money deposit institutions with conspiring with currency peddlers to sell the new notes to partygoers at underground markets.
The World Bank claimed that the timing and brief term of the naira redesign could have “negative repercussions on economic activity, in particular for the poorest households.” HURIWA agreed with this claim.
Onwubiko stated: “Millions of Nigerians, even those in cities like Abuja, Lagos, Port Harcourt, Kano and other places, have yet to see or touch the new naira notes, which the Central Bank of Nigeria (CBN) released almost three weeks ago. Remote areas and villages experience the worst conditions.
Despite the approaching deadline of January 31, 2023, millions of regular Nigerian bank depositors are unable to acquire the new notes, while black marketers, politicians, and expats continue to have access to crisp naira notes.
Nigerians have expressed concern and displeasure over the lack of new naira notes, adding that the public needs to be aware of the new currency to protect themselves against counterfeit notes.
The Guardian found that ATMs are distributing outdated and damaged naira currency during checks and visits to banks throughout Lagos State. Additionally, cashiers pass dated notes to consumers across the counters.
Customers who request the new notes are informed that they are not currently in stock.
A customer named Akeem Ogunwale claimed that while the new notes are available at the banks, only wealthier members of society are permitted to use them, leaving the average person compelled to use the older notes.
The restricted supply of the new notes had been used up, according to the cashier at an old-generation bank branch in Isolo.
“We distributed the ones we had ahead of the Christmas and New Year’s celebrations.
We don’t have any fresh notes at this time,” he said.
