Anambra traders blast CBN for new Naira notes hoarding

Some merchants in Agboedo Market, Nnewi, and Anambra state have denounced commercial banks for amassing and selling the new naira notes to politicians and money dealers.

They made the allegation when a team from the Central Bank of Nigeria, Awka Branch went on a sensitization tour to the area on the need to deposit the redesigned currencies to banks before the deadline.

President Muhamadu Buhari launched the three new Nara banknotes on November 23 2022 making it a legal and acceptable to use and issue the notes in all transactions.

The Central Bank of Nigeria noted that the old 200, 500 and 1000 naira notes will circulate side by side with the redesigned notes till the 31st of January 2023 and should not be rejected as a means of exchange for purchasing goods and services. .

However as the deadline draws close , some residents have continued to express fear if the new naira notes will be properly be in circulation before the old one ceases to exist.

This, according to them, is because commercial banks, point of sells operators among others have continued to issue the old notes to customers even after they had deposited it with the hope of getting the new ones.

Two respondents, Mr Okechukwu Chukwudum and Pastor Frank Ejimbe who trade in Nnewi, while complaining about the development, alleged that some money vendors in the area had the new notes in bulk and were collecting thirteen thousand in exchange of ten thousand of the new currency to customers.

Another trader, Mr Ikenna Francis accused the commercial banks of keeping the new notes for politicians who they claimed pay higher to exchange the old denominations with the new ones.

A resident, Mr Samuel Onwuka said he went to withdraw from the ATM but was surprised that some banks were still loading their machines with the old naira notes.

Radio Nigeria also interacted with a POS operator in Nnewi, Miss Rita Daniel who confirmed that she got old notes from the bank and wondered how the CBN will insist on the January 31st deadline when the new notes have not been fully circulated.

Meanwhile, the Central Bank of Nigeria has said that all commercial banks had been directed to commence the issuance of the new notes to customers.

The Director, Other Financial Institutions Supervision, Department, CBN Awka, Mrs Ngozi Nwosu reiterated that the banks have been properly briefed and directed to load their machines with the new notes.

Mrs Nwosu described the allegations by some traders as mere speculation insisting that the new notes were already in circulation through the commercial banks.

Another team lead by Mrs Nkeiru Asiegbu, also a Director , Other Financial Institutions, CBN , Visited New Parts market Nkpor, Odera Market , Awka and. other areas where they distributed fliers and sensitized the populace on the features of the new naira notes as well as the need for them to endeavour to deposit all old notes before the deadline.