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Nigerians, who are eager to transact with the new Naira notes, may have to wait for a while as the Central Bank of Nigeria (CBN) may have stopped the supply of the new N200, N500 and N1,000 notes to the Money Deposit Banks
Banks visited, and others contacted by The Nation said they were not given new notes yesterday from the CBN. “The kind of money we’ve been receiving is not from the Mint at all. I don’t know what has happened to the new notes,” a bank staff said.
The banks also lamented that the old notes issued to them were not adequate to meet customers’ demands. Some of the banking halls had very little customers withdrawing cash over the counter.
In one of the banks, customers who came early were “lucky” to get N10,000, but by the afternoon, the banks could only give out N5,000 cash to customers over the counter.
A staff member of the banks said unlike in the past, “regardless of the size and location of a bank branch, the CBN only allocates what it feels like to the banks.” This limited cash supply from the CBN, the bank staff member said, is what is responsible for the cash shortage in the system.
Managing Director/CEO SD&D Capital Management Limited, Mr. Gbolade Idakolo, expressed worry that “the scarcity of new Naira notes might reach an unbearable level thus leading to confusion,” saying he is optimistic that the “government might likely take action now that the elections are over because “their silence has caused increased hardship and has affected commerce.
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