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Why Lagos Residents Still Using Old Naira Notes May Lose Big

loans, Many Lagos residents still using old Naira notes may definitely lose their funds after Friday which marks the deadline by the CBN for Nigerians to exchange the old notes with the new Naira. , Do These If ATMs Dispense Old Naira Notes To You - CBN
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Many Lagos residents still using old Naira notes may definitely lose their funds after Friday which marks the deadline by the CBN for Nigerians to exchange the old notes with the new Naira.

The Governor, Central Bank of Nigeria (CBN) Mr Godwin Emefiele has maintained that he will not extend the deadline as he did before.

Recall that the CBN had before December, 2022, set January 31st, 2023 as the deadline for all Nigerians to change their old notes to the new ones.

However, as the deadline elapsed, the CBN discovered that the new notes were in great shortage and many average Nigerians could not get hold of the money because politicians and some bank staff had hoarded the new notes.

ALSO READ: How App Malfunction, Naira Scarcity Forced Zenith Bank To Shut Branches Nationwide

Consequently, the CBN extended the deadline by 10 days while it intensified measures to ensure that the new notes gained wider circulation.

But, even as the new deadline is remaining just about three days, majority of Lagos residents are using more of the old notes than the new ones.

In fact, Lagosians are buying the old notes for transactions as the new notes are even very scarce.

Why Lagos residents may lose big:

While many Lagos residents are going about buying and transacting with the old naira notes, even carefree, the CBN has again maintained that it would not extend the deadline.

Checks at Agboju market, Festac Town, Oshodi, and Ladipo show that Lagosians are fully using the old notes as the new ones are scarce.

Similarly, at Ikeja, Orile, and Lekki, Lagosians are still using the old notes despite nearness to deadline.

Speaking with Mr Ojukwu Nelson, a vehicle spare parts dealer at Maza-Maza, First Gate motor spare parts market, he said the new notes are not available.

“Where would you see the new notes? The old notes are scarce much less the new ones.”

Similarly, Mr Ibrahim, a mechanic at 42 Road, Festac, said although he got the new notes, he has spent it while getting balance in old notes.

Meanwhile, although Godwin Emefiele, the CBN Governor, has promised that the scarcity will soon end, he however, maintained that the deadline remains sacrosanct.

Consequently, Lagos residents will lose big because after the deadline, the old notes become useless in their hands.

Except they change the old notes from CBN’s approved centeres, the old notes are worthless.

Also, Emefiele has pleaded with Nigerians to remain calm.

He said Nigerians should be patient as the CBN and deposit money banks are working to address the challenge of cash distribution.

“We call on all Nigerians to be calm, law-abiding, and considerate of their fellow citizens (particularly the vulnerable and weak) in the conduct of their affairs as we execute this policy of national significance.”

He said to support economic activities, the apex bank has made available adequate amount of the naira in all the denominations.

The denominations he said are N200, N500, and N1,000 and the current N100, N50, N20, N10 and N5 denominations.

Speaking on the advantages of the new naira notes, Emefiele said thus:

“The advantages of the currency redesign are overwhelmingly enormous and will benefit the economy in the long run.”

“We will take all the necessary steps to ensure that there will be a smooth flow of cash swaps and minimize the inconvenience in the short term.”

Abuse or sell new Naira, go to jail – Emefiele:

The Central Bank of Nigeria Governor, #Emefiele, however, warned that those who abuse or sell the Naira, in contravention of the CBN Act, will be prosecuted henceforth. 

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