FCT residents lament scarcity of the new naira notes

Some residents of Abuja and its environs have lamented the scarcity of the new naira notes.

Recall that the Central Bank of Nigeria (CBN) has restored the old 200, 500 and 1000 naira notes to remain as legal tender until Dec. 31.

Correspondents of the News Agency of Nigeria (NAN) who monitored the availability of the new notes report that residents are lamenting over the scarcity of the new notes.

Mr Moses Nnegedu, a resident of Nyanya, said if CBN was serious to accomplish its goal of the circulation of the new naira note before the deadline, it would monitor the commercial banks.

‘’The last time I used the new note was two weeks ago and it is really not available.

‘’It seems that the new notes are being hoarded.

‘’There should be political will to ensure the circulation of the new notes before the expiration date so we don’t have a repeat of cash crunch,’’ he said.

Mr Gabriel Daniel, a resident of Garki, said he didn’t think the Dec. 31 deadline would be visible because presently it was only the old notes that were available.

According to Mr Abbah Moses, a resident of Gwagwalada, those who have a lot of money and are able to get the new notes earlier are hoarding them against the December deadline.

NAN reports that the Supreme Court had earlier extended the validity of the old naira notes till Dec. 31.

However, Nigerians believe that the new notes, in circulation though, which were hard to get at the time of release, have gradually vanished.

(NAN)