Residents of Ibadan, the Oyo State capital, have continued to experience frustration as scarcity of the newly redesigned naira notes lingers in the
DAILY POST recalls that the Central Bank of Nigeria, CBN, had last year introduced the newly redesigned N200, N500 and N1000 denominations across the country.
Our correspondent, who went round some major areas in Ibadan, gathered that the number of old notes in circulation is more than the number of new notes. He said, “I do not have the new notes. The banks are not giving us the new notes. This is the one I have. They said that the deadline is 31st, but instead of giving us the new notes, they gave me the old notes. This has affected our business because many customers do not want to collect the old notes.
“I have N100 notes. That is what they gave me. We confronted the banks and they told us that they do not have the new notes. They asked me to collect the N100 notes. You can see that it is much. They urged the CBN to look at the subtle ways of phasing out the old notes in a way that will not cause hardship for the citizens.
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