17 Days Into Release, Nigerians Are Concerned About The Lack Of New Naira Notes

Millions of Nigerians have not physically seen or used the revised N200, N500, and N1,000 banknotes 17 days after their introduction by the Central Bank of Nigeria (CBN). Many people who spoke to Daily Trust in Abuja, Kano, and Lagos expressed concern about the new notes’ limited availability, particularly at bank Automated Teller Machine (ATM) locations. This worry comes less than 28 days before the CBN deadline of January 31 to phase out the old naira banknotes.

On December 15, 2022, the Central Bank of Nigeria (CBN) announced the introduction of the new banknotes, claiming that it was one of several efforts to combat corruption, curb inflation, and seize currency being used outside the banking system. However, according to checks at ATMs in Lagos, the older notes are still being given out. In addition, customers who visited the banking areas before the holiday also admitted to receiving outdated currency.

Some bank employees in Ojo, Ikeja, and Agbara in Lagos and Ogun claim they have not received fresh notes, while others claim the CBN is restricting the new notes, according to information obtained. On December 22, 2022, CBN deputy governor Aisha Ahmad informed the House of Representatives of the redesigned naira on behalf of CBN governor Godwin Emefiele, stating that the bank had ordered 500 million mint notes. She omitted, however, to mention the amount of those notes.

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