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HOME / Economy / METRO
Asaba Residents Resume Search For New Naira Notes
Published Mar 24, 2023 IN Economy, METRO,
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THE scarcity of physical cash, a fallout of the Naira Redesign policy of the Central Bank of Nigeria (CBN), has continued to bite hard as the queues return to banks and galleries of Automated Teller Machines (ATM).

For a moment, the insufficiency of the new Naira notes seemed to have been forgotten. However, immediately after last Saturday’s presidential and National Assembly elections, residents of Asaba and its environs recommenced their search for the currency.

Large crowds were seen at several bank branches in the Delta State Capital, including Heritage Bank, First Bank, Stanbic IBTC Bank, First City Monument Bank (FCMB), and other deposit money banks.

Some respondents who spoke with our correspondent on conditions of anonymity expressed their frustration with the development, as they hoped that normalcy would have returned after the polls.

They called on the Federal Government to intervene and ease the hardship they faced because of the monetary policy introduced by the CBN, even as they called on the apex bank to speed up the circulation of the new Naira notes.

On October 26, 2022, CBN redesigned 200, 500, and 1,000 naira notes in the country’s financial system. But since the notes were unveiled, Nigerians nationwide have struggled to access them from banks and ATM cash points.

As Nigerians expressed frustration over their inability to access the new notes, the CBN extended the deadline for phasing out the old notes from January 31 to February 10. Yet, many Nigerians have needed help getting the new notes.

Last month, the Supreme Court gave an order restraining the CBN from implementing the February 10 deadline for phasing out the notes. But Mr. Buhari and the CBN governor, Godwin Emefiele, refused to adhere to the court order.

The Supreme Court adjourned the suit filed by some state governments to challenge the February 10 deadline set by the CBN to end the use of old naira notes to February 22.

Millions of Nigerians have struggled with hardship amid the cash crunch that has worsened business transactions and significantly stifled trade in the informal economy.

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