Naira Redesign: Lagos Residents In Endless Suffering

Most banks in Lagos metropolis have stopped collecting the old Naira notes from their customers.

The Central Bank of Nigeria, CBN, had said the deadline for phasing out the old naira notes would be on 10th of this month.

But at the expiration, it was extended to the 17th of this month.

Although most banks have since the 13th of this month, stopped collecting the old naira notes, the Lagosians in various parts of the state have freely been accepting the affected currency notes for economic transactions.

It is only at filling stations and a few other places including some supermarkets that the old notes were rejected.

Radio Nigeria spoke to some Lagos residents who confirmed that they were still spending their old naira notes.

Some of them pointed out that they had no choice since the new notes have not been available.

The respondents appealed to CBN to if possible extend the deadline for phasing out the old naira notes since the redesigned ones are not available.

Traders are not left out as they said they are still collecting the old notes as most of their customers only use the old notes to buy things from them.

The traders however expressed regret that some times, their customers in bigger markets do not accept the old notes from them.

Radio Nigeria observed that at some big supermarkets and filling stations where attendants have not been collecting the old naira notes, customers are told to either use the redesigned naira notes, do electronic transfer or Use the point of sales, POS.

Most banks in Lagos metropolis no longer open all their branches for operations and the few ones that open usually experience queues.

Also ,the Automated Teller Machines have remained deserted as most of them are always not loaded With cash.

The respondents want the CBN to act fast in addressing the issues surrounding the naira swap policy to ease the stress and sufferings people are going through.

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