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Osun: Residents Lament Scarcity Of New Naira Notes In Banks, Call For Deadline’s Extension



A cross section of participants at Ayegbaju market during Sensitisation of stakeholders on Currency Redesign organised by CBN on Friday

—Deadline For Return Of Old Currencies Sacrosanct–CBN

Barely 8 days to the deadline given by the Central Bank of Nigeria (CBN) for the use of the old naira notes, market women in Osun State have lamented the scarcity of the new naira notes.

Market women in osun State at the weekend pleaded with the authority of the Central Bank of Nigeria (CBN) to extend January 31 deadline of the depositing old Naira notes to the banks

The CBN had stipulated January 31, 2023, as the deadline for issuance and circulation of the old N200, N500 and N1,000 denominations of the country’s currency following the introduction of new banknotes

Speaking at a Sensitisation of stakeholders on Currency Redesign organised by CBN held at Atakumosa market in Ilesa some market men and women lamented the scarcity of the new naira notes with a plea that the Apex bank should extend the date for the deadline.

They said non availability of new notes might make it practically impossible to meet up with the the deadline set by the CBN.

The market women led by Osun Iyaloja General, Alhaja Awawu Asindemade and her counterpart from Atakunmosa West local Government, Mrs Annah Awe, explained that the commercial banks in the state have not made the new notes available to customers in the state.

Speaking, a trader at Atakumosa market, Mr Isiah Ojo said he has only come in contact with one piece of the new N1,000 note, adding that most banks and galleries with Automated Teller Machines (ATMs) in his area do not issue the new notes to customers.

Ojo said: “I only saw the new note –N1,000 like twice when a customer brought it to my shop. But all attempts to get it from banks were not successful. At least, I visit banks weekly but they still give out old notes.

“Most of the ATM galleries in my area do not issue the new notes,” Yauza said.

Also speaking, Mrs Awe Christiana lamented that banks are not paying customers with the new note as they were complaining not having the new naira note which is contrary to the message the CBN preaching to Nigerians .

She bagged the authority of the CBN to extend the deadline for over interest of the market women especially those in rural communities .

She promised that the message the of the CBN on meeting the deadline will be communicated to the all market who will in turn pass the message to others just as she collection commended the officials of the CBN to people in osun State.

Reacting, the CBN Director of Research, Dr Adebiyi Micheal Adebayo said urged Nigerians not to wait till January 31, to turn in old notes for new re-designed currency. He insists that the January 31, deadline for old notes to cease being legal tender is sacrosanct.

He urged market traders, business operators and Nigerians to embrace various cashless channel outlets to return old currency notes in their possession, and make use of the same cashless transaction channels as preference for cash transactions.

“You all observed this sensitisation exercise by the CBN has been ongoing. It’s a two leg exercise. “One of them is to tell you to return your old notes in your custody for new re-designed currency between now and January 31. At the expiration of the deadline, your old notes are useless.