Naira Scarcity: State Governors, Police Take Strong Action Against Traders Rejecting Old Notes
- Interestingly, Nigerians are rejecting the old notes even as they are unable to access their funds at banks due to the scarcity of new naira notes
- But in a recent move, the CBN Governor, Godwin Emefiele, disclosed that they don't have the resources to print sufficient new notes, even as the notes are said to be available
- This development has, however, sparked reactions in the polity following the rejection of the old notes in some quarters, but some states are intensely moving against those rejecting old notes
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The search for the new naira notes continues in major states across the country and the rejection of the old notes persists.
State governments and the police commands have begun arresting traders and supermarkets accused of rejecting the old naira notes.
Top states clampdown on those rejecting old notes
A report by The PUNCH on Sunday, February 12, indicated that the authorities in Kano, Sokoto, Katsina, Bayelsa, Zamfara and Kwara states had issued directives to security agencies to deal with anyone who turned down the old N1000, N500 and N200 notes.
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The development was a sequel to the confusion caused by the failure of the Central Bank of Nigeria to issue directives to commercial banks on the extension or otherwise of the February 10 deadline for the currency swap following last Wednesday’s Supreme Court ruling restraining the FG from enforcing the time limit earlier fixed by the apex bank.
Catholic Bishops react angrily
This is as the Catholic Bishops declared the CBN's policy a disaster stressing that it has turned Nigerians into beggars.
They threatened that any shop owner caught rejecting the old notes would be dealt with decisively, according to the dictates of the law.
Intrigue as CBN Makes Strategic Move to Address Naira Scarcity, Outsmarts Governors
There are indications that the Central Bank of Nigeria (CBN) may pump more new naira notes into circulation through commercial banks today, Monday, February 13.
According to The Nation, about N500 billion new notes have been pumped into circulation since December 2022.
A member of the CBN board who spoke on condition of anonymity disclosed that the apex bank would distribute about N1 trillion into circulation through commercial banks on Monday.
Cash Scarcity: Banks Flout CBN Directives, Secretly Close Early, Set Withdrawal Below Approved Limit
The cash crunch in Nigeria has forced some banks to readjust their operating hours and the approved withdrawal limits set by the Central Bank of Nigeria (CBN).
Other banks have reduced the amount dispensed via their ATMs below CBN-approved limits and over-the-counter withdrawals to N5,000.
In December 2022, the Central Bank of Nigeria Governor, Godwin Emefiele, stated that the banks have enough of the old naira notes, saying that the new notes will go around.