Naira redesign: Scarcity of new notes bites harder in FCT, neighbouring towns

…As residents, businessmen groan, ask FG to reverse policy

BY DOOSUUR IWAMBE

Residents in the Federal Capital Territory (FCT), and its neighbouring states have been hit by scarcity of cash, both old and the new notes.

The scarcity of the new Naira notes has frustrated many bank customers that had hopes of getting currencies cashed as many banks had no cash to dispense in their Automated Teller Machine, ATM.

Long queues witnessed yesterday at the banks premises and ATM as customers were eager to withdraw new naira notes to enable them engage in business activities.

Daily Times visit to some commercial banks located within Kubwa, Lugbe, Mararaba and Suleja over the weekend and was greeted with very long queues.

The bank’s ATM were overcrowded as customers were seen on queue waiting patiently to withdraw money with their various ATM card.

Further investigation showed that customers are no longer allowed to withdraw money over counter.

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It was gathered that commercial banks are battling with cash shortages due to the January 31 deadline for old Naira notes which had since been extended to February 10 by the Central Bank of Nigeria.

At one of the branches of a popular bank in Lugbe, a satellite town in the FCT on Sunday afternoon, customers who wanted to withdraw cash lament the hardship in accessing cash.

One of the customers who simply identified herself as Sarah Joseph said; “This is really unfortunate. I’ve been on the queue for 8 hours now and there is no hope. I do not understand why we have to suffer for every thing in this country.

“I need to go to the market and shop for food for my family. I have money, yet, I cannot access. If the government was mot ready, what was the need for changing currency? At this point, I called on president Muhammadu Buhari and his APC cohorts who are known for punishing Nigerians to do something urgently”, she said.

The story was the same at Kubwa as many of the ATM’s were empty as many customers expressed their frustrations over the development.

Meanwhile, a PoS operator in the area said he borrowed a few cash with him, and therefore cannot afford to give out N5,000 to one customer.

“What I can give each customer is just N3,000 plus my N100 charges. It is not my fault, banks are not giving out cash, even what I have is the old Naira notes,” he lamented.

At the Mararaba area, none of the commercial banks has loaded its ATM with the new naira notes.

They neither issue out the notes across the counter leaving customers frustrated, tired and angry in some cases.

While the customers express dismay, some bank staff who summon courage told our reporter that they cannot do otherwise, insisting that it is order from above.

Daily Times recall that president Muhammadu Buhari had on Friday urged citizens to give him a seven-day window to resolve the currency crunch resulting from the implementation of the Central Bank policy to change high-value Naira notes with newly designed ones.

The president said this while speaking to the Progressive Governors’ Forum who met with him at the Council Chambers, where they sought to share with him the negative impact of the Central Bank policy.

They told the president that the CBN action was undermining the painstaking efforts put forth by this administration to transform the economy.

According to a statement by presidential spokesman, Garba Shehu, Buhari told the governor that the objective of the policy was not to create hardship, rather, its aim is to provide the economy with much needed revitalisation, adding that the benefits will be borne in the medium to long term.

Unfortunately, he said, inefficiencies and dubious practices by banks were the primary distribution medium have destabilised the smooth and successful execution of the policy.

“Some banks are inefficient and only concerned about themselves,” said the president.

“An extension of the time frame within which to complete this process will be made insignificant for as long as greed and selfishness continue to guide our actions,” he said.