Connect with us


Naira Redesign: Anambra residents decry sudden disappearance of new N200, N500, N1,000 notes



Naira Redesign: Anambra residents decry sudden disappearance of new N200, N500, N1,000 notes

Naira Redesign: Anambra residents decry sudden disappearance of new N200, N500, N1,000 notes

Barely one month after the reintroduction of old N200, N500 and N1,000 notes, some residents of Anambra have decried the unavailability of the new notes in many banks in the state.

Some of them told the News Agency of Nigeria (NAN) in Awka on Monday that they hardly complete transactions with new naira notes because they were not available.

This is even after the old currencies had been mopped up from circulation by the Central Bank of Nigeria (CBN) and unavailable for use by citizens for about two months before they were officially pumped into the system on Dec. 15, 2022.

RELATED STORY: Passengers Stranded As Aviation Unions Begin Strike

The residents said it was surprising that they had to return to and rely on the reintroduced old notes because the new notes which were to replace them were not in circulation.

NAN Correspondent who monitored the situation reports that cash transactions were largely done with old notes.

Mr James Nnaeto said that he had not been able to withdraw as low as N5,000 new notes from any bank but had regularly been paid in old notes since banks resumed disbursing them.

Nnaeto said he had noticed sudden disappearance of the new notes following the reintroduction of the new notes in March.

According to him, we are back to our normal lives, thank God for the return of the old notes.

“Apart from when I used old notes to buy new ones and when I paid high charges to get them, I have not seen them again, even the banks are not issuing them.

“The CBN is not prepared for that Policy because there is nothing that suggests that they were ready to replace the old currency notes with new ones,” he said.

Mrs Angela Molokwu, a trader, said she was almost going out of business because of lack of cash.

Molokwu said business was gradually regaining stability since the reintroduction of the old notes which had made transactions easy.

She said she had to resort to Point of Sale (PoS) operator services which had its challenges including delayed and failed transactions but pointed out that such services did not make for easy retail sale transactions.

“Thank God cash is back, people now use cash to buy what they want but it is with the old notes, I am not seeing the new notes as it should be.

“If I go to bank for withdrawal, it is the old naira notes they pay me with,” she said 

On his part, Mr Osita Obi, Convener of Recovery Nigeria Project (RNP), a Civil Society group, said the country’s economy would have grinded to a halt if the old currency notes were not returned to circulation.

Obi, who said the ratio of new notes to old ones in circulation was around 25 :75, regretted that in spite of the assurances of the CBN that it had printed sufficient quantity of the redesigned notes, Nigerians could not use them freely five months after.

According to him, CBN is not ready; they have a lot of explanations to make to Nigerians.

“Where are the new notes they said they printed, how come we have the old notes which were withdrawn and reintroduced more in circulation now?

“The policy somersault was to much for Nigerians, it was unnecessary; what it means is that Nigerians would have been stranded by now if the old notes were not returned, so why were they returned in the first place?

“Government should not be taking citizens for a ride,” he said.

Prof. Uche Nwogwugwu of the Department of Economics, Nnamdi Azikiwe University, Awka said the CBN naira redesign policy could not be described as economic because it was not planned nor did the outcome result in improved welfare of citizens.

Nwogwugwu opined that it was more of political considerations which the Apex Bank and the Federal Government should also consider the outcome and weigh if it justified the hardship citizens passed through.

He said rather than shrinking the economy, the CBN should expand liquidity or cash in circulation to accommodate increased demands due to increase in number and volume of businesses and population.

The economist said the Dec. 31 deadline for complete phasing out of the old naira notes may not be achievable if the attitude adopted for implementation of the policy five months after the introduction was sustained.

“I still cannot tell the reason for that policy, only the CBN can do that, but all I can say is that it is not economic, if it was, it should have been well planned and the outcome cannot be hardship, so it must have been political.

“Money in circulation can never be enough, our economy is growing, so people need more money to transact.

” The currency redesign Policy almost killed the economy, the informal economy almost went into extinction and after all that, we are back to where we were.

“The new notes are nowhere to be found, we have more of old currency today, people are worse off and the way things are going, it is unlikely that the Dec. 31 deadline will be met,” he said.

Naira Redesign: Anambra residents decry sudden disappearance of new N200, N500, N1,000 notes

Continue Reading
1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Nationwide League: Senator Yaro provides financial support to clubs in Gombe South




Nationwide League: Senator Yaro provides financial support to clubs in Gombe South

Nationwide League: Senator Yaro provides financial support to clubs in Gombe South

Distinguished Senator Anthony Siyako Yaro, Senator representing Gombe South District has made a cash donation to three clubs from his Zone to enable them participate in the Nationwide League, Division Two.

These clubs are Balanga United from Balanga, United Eagles from Shongom and El-Shama Sporting from Billiri.

Presenting the cash gift on Saturday to the clubs’ officials on behalf of the senator, Mr Barbuwa kalla, said the gesture was borne out of the senator’s need to represent all sectors of life in the zone.

Kalla said that the Senator being a youth-friendly leader decided to support the clubs to enable them participate in the Nationwide League towards engaging youths in the area into venture that could help them realise their potentials in life.

“Senator Yaro is a leader that believes in representing all sectors from agriculture, water, security, health, empowerment, education and now sports; this is what his mind-set about representation is.

“He believes in carrying everyone along based on his mandate of inclusive representation to enhance the wellbeing and welfare of people in the zone.”

The Senator called on the benefitting clubs to be of good conduct and project the zone in good light by giving their best always while assuring youths from the zone that he would continue to support meaningful ventures that empower the young people of Gombe South.

Mr Hashim Ismail, Welfare Director, Balanga United commended Senator Yaro for bailing them out with the financial support, noting that it was the first time such support was coming their way.

Ismail said without the support, “We would have suffered a lot because we have been suffering some years back but this support is a big relief for us and we thank the Distinguished Senator for his kind gesture,” he said.

Speaking shortly after the cash donation, the Chairman of Gombe State Football Association (FA), Yakubu Sarma lauded the senator for being kind to youths and promoting football development in the zone.

Sarma said football development remained everybody’s business, and all stakeholders needed to put hand on deck to move the game forward.

He said that recently, the Gombe State government supported all the teams playing in the Nationwide League One and two, paying their registration with the NLO and now what they (clubs) are paying are the indemnities and some other logistics that needed to be paid before they can kick-start.

“These teams are being run by individuals and not the government so they require this kind of assistance and today, the Distinguished Senator Anthony Siyako Yaro, Senator representing Gombe South Senatorial District, paid for those clubs in his constituencies.

“This is done so that money will not be their challenge; so with this money, these clubs will be able to pay for their indemnities.

“This is the first of its kind, and it’s a good gesture that will also serve as a good antecedent to cite in the future,” he said.

The FA boss appealed to other stakeholders to emulate Senator Yaro by supporting football clubs, “specifically I urge stakeholders to come to the aid of Yamaltu United, Lion Heart, and Dukku United who are yet to pay theirs.

He said football remained the best tool to unite people and promote peaceful coexistence, “because football does not have political parties, religions, ethnicities, or tribe.

“So this is a plus for Senator Yaro, and the football stakeholders are proud of this move which has provided the support that could help raise young talents in the likes of Ahmed Musa, Mike Obi, Kanu Nwankwo from these teams.

“If these clubs are not able to pay for their indemnities and not participate, they may most likely go on relegation.

“If that happens they will go back to state league and that can make Gombe State loss some slots and that is why we are calling on stakeholders to help them pay so that we can retain the slots.

“In the past, the whole of the clubs we had in League One and Two were not more than eight but today we have about 15 teams, so we are improving,” he said.

Continue Reading


Group mobilises special prayers for late President Yar’adua




Group mobilises special prayers for late President Yar’adua

By Abbas Bamalli

A community based group in Katsina, Pleasant Library and Book Club (PLBC), has mobilised for special prayers across Juma’at Mosques in the state in memory of late President Umaru Yar’adua.

Addressing newsmen in Katsina on Friday, a member of the group, Dr Mukhtar Alqasim said the prayer was part of their activities to mark the 14th Yar’adua’s Remembrance Day.

Newsmen recalls that late president Yar’adua died on May 5, 2010 after a protracted illness.

According to Alqasim, the PLBC as a community organisation, has written to all Imams across the state, seeking for the prayer during their Friday sermons, and it was conducted.

He further revealed that as part of the activities, they had concluded arrangements to visit orphanages, aged people’s homes, and psychiatry among other places.

“As part of the activities, we have plans during the visits on Saturday, to distribute food items, clothes and other necessary things to those homes and centres.

“On Sunday, PLBC is going to launch a book with over 300 pages titled: ‘What Yar’adua Told and Taught Me’, a reflection on 23-years of lifelong lessons learned under the mentorship of the late president.

“The book was written and would be presented during the ceremony by the PLBC President, Dr Muttaqa Rabe-Darma.

“The programme is being organised by the PLBC, with full support from the state government,” he disclosed.

Alqasim said that during the event on Sunday, some notable personalities would speak on the late president, and also another prayer session would be held at the venue.

Group mobilises special prayers for late President Yar’adua

Continue Reading


FG Approves Upward Review Of Electricity Tariff For Customers On Band ‘A’




FG Approves Upward Review Of Electricity Tariff For Customers On Band ‘A’

Federal Government has approved upward review of electricity tariff for customers on band ‘A’ nationwide with immediate effect.

Under the new tariff, customers on band ‘A’ who enjoy twenty hours of electricity supply daily will now pay 225 naira kilowatts per hour.

Read Also: Palestinians Renew Request For Full UN Membership

At a media briefing in Abuja, vice Chairman of Nigerian Electricity Regulatory Commission, Musliu Oseni says customers on band ‘A’ are fifteen percent of the total Electricity customers in the country.

Oasis Magazine learnt that customers on other bands will not be affected by the new tariff.

Continue Reading


Verified by MonsterInsights