Patience Tennison, Portharcourt
The issue of low circulation of the new naira notes seems quite alarming as residents of port harcourt are panicking over its scarcity following the reintroduced circulation of the old naira notes by the Central Bank of Nigeria.
Speaking with residents of port harcourt, a local trader Samuel Nnah, expressed concern and cries out his fear of facing hard times again if the non availability of the new naira notes continues.
According to him “ The new naira note that was introduced is not even in existence anymore, i hardly see it, even atm doesn’t dispense it. I haven’t even had access to the new note since the joint usage with the old naira notes. It is just as if there was no introduction of the new naira notes. When we were using just the new note there was no money to buy food, fuel and if CBN does not do something quick before the end of year what will happen will lead to abject poverty which might lead to a riot”.
He further appreciated the CBN’s directive of using both the old and new naira notes and pleaded with them to produce more new notes. He said:” i am happy we were directed by CBN to use both old and new naira notes, because it reduced the scarcity of cash issue. Like it was really hard to have access to cash, but since the reintroduction of the old note the fact is that we are seeing cash we can use to run our everyday activities is what we are happy about. The end of the year is drawing near which happens to be the new deadline given by CBN and there is not enough new note in circulation. We don’t want to face such situation again, so they should produce more new notes”.
A businesswoman Agatha Jude, said: “ it is not about extending the date, I hardly see the new notes and deadline for using the old note is approaching near. Very soon the circulation of the old notes will stop and the cash scarcity will start again. People hardly come to buy something from my shop with the new notes, its just the old notes that is everywhere. I am pleading with the CBN to produce more new notes because banks are not dispensing the new note. Market was really bad when it was just the new note, we are recovering and don’t want to go through that again”.
An anonymous banker said addressing the issue of scarcity of new naira note can only be handled by CBN, as there is scarcity of cash everywhere.
“CBN knows how many customers we have, so they should know how much is needed to serve the customers. The issue is getting out of hand as most customers are asking for the new naira notes and we don’t even have the new notes to dispense to them. The few new notes that were administered out have not even been returned because the people hide the new notes when they have access to it.
” I guess they may be saving it till when the old notes stop being a legal lender. So its not our fault, because there have been cash exchange but u hardly see the new notes being exchanged or used. I think its left for the CBN to review its strategies to ensure that more circulation of the new naira notes are made”, he stated.
