17 Days After Release: Scarcity Of New Naira Notes Worries Nigerians

Seventeen days after the release of the redesigned N200, N500 and N1, 000 banknotes by the Central Bank of Nigeria (CBN), millions of Nigerians have not physically seen or transacted business with the notes. 

Many of those who spoke to Daily Trust in Abuja, Kano and Lagos are worried over the scarcity of the new notes, especially at banks’ Automated Teller Machine (ATM) points. 

This concern is coming less than 28 days to the January 31 deadline CBN fixed for phasing out of the old naira banknotes. 

The CBN introduced the redesigned banknotes on December 15, 2022, saying it was part of measures to control inflation, mop up currency outside the banking system, fight corruption and discourage payment of huge cash to kidnappers and bandits among others.