Old Naira : long queues persist at banks in Anambra inspite CBN's directives

 

As the use of the old naira notes is gradually returning in Awka, following the Central Bank of Nigeria’s (CBN) directive to banks to issue and receive the old notes, long queues for withdrawal have persisted.

The Supreme Court on March 3, ordered that the old N200, N500, N1,000 notes remain legal tender and would be in circulation till Dec. 31.

A check at some banks at Zik’s Avenue, UNIZIK Junction, Regina and Aroma areas of Awka, on Friday, saw many people on queues waiting patiently to withdraw the new or old naira notes from their accounts.

It was discovered that some of the Automated Teller Machines (ATMs) in major parts of Awka, were not dispensing naira notes while there were long queues at few ATMs dispensing.

although many banks in Awka were paying customers between N3,000 and N5,000, over the counter, some complained about shortage of cash to pay.

A bank official, who pleaded anonymity, said that there was scarcity of cash because of too many cash withdrawals and zero deposits of cash, urging customers to use the mobile banking system.

Some residents who narrated their plights lamented the productive hours they spent queuing at banks to withdraw the new and old naira notes.

Mr Isaac Nmanuji, a businessman, said he left his house at 8.a.m. to withdraw money from the bank and as at 12.p.m, he had not been paid.

 "When I came here, I was number 102 on the queue and the bank started paying around 10.15.a.m. The few people who had been paid said they are paying N5,000 only.

"We thought that with the use of the old notes as legal tender, there will be enough money in circulation and this queue will end but it is unfortunate that even the old notes too are scarce.

"Spending all my productive hours trying to get money at the bank is not good for my business. The Federal Government and the CBN should do something urgently to ease the suffering of the masses," he said.

Another resident, Ms Gloria Achizie, a trader said that she had been experiencing untold hardship due to the scarcity of both the old and new naira notes.

"I do not have cash to buy stuff for my family use or even to transport myself around. The Point of Sale operators do not also have cash too; and i'm not used to the mobile transfer system.

"This is causing serious hardship for me and many resident here.The CBN should release the old notes so that it can start to circulate to reduce the long queues and our sufferings, "she said.

Inspite queuing for about five hours, Mr Chisom Agu, a civil servant, said he was paid N3,000 which would not meet his financial needs.

"This N3,000 will not cater for my needs today let alone tomorrow, which means that people will keep coming to the bank on the daily.This is why we keep having long queues.

"The government should direct the CBN to print more of the new notes and release the old notes back into the system. That is the way to solve this problem we are currently going through, "Agu said.

As the use of the old naira notes is gradually returning in Awka, following the Central Bank of Nigeria’s (CBN) directive to banks to issue and receive the old notes, long  queues for withdrawal have persisted.