The Central Bank of Nigeria may be under pressure to extend the deadline for old naira notes to cease being legal tender as bankers and customers push for the extension.
When contacted earlier by one of our correspondents, the Director of Corporate Communications, CBN, Mr Osita Nwanisobi, said the release of the new notes to banks was ongoing, adding that the process was still at the initial phase.
He said, “The CBN set the deadline, so they just have to meet it. If they cannot, I am sure that they will find a way around it, probably to seek an extension of the deadline. He stated, “I don’t think the banks are overwhelmed with the demand if the CBN has given them enough new currency notes, the limits for withdrawal is only N500,000 per week per individual and N5m per organisation per week.
“So, in as much as there may be some discomfort and challenges at the very rural areas, I don’t think it will cause any major hiccups in business transactions, because I don’t know anyone that is buying anything for N2m that will carry cash around unlike what we used to have in the past. Most Nigerians have moved to other means of payments that are more efficient. The shortage will not affect economic activities,” he said.
“The banks are only taking in the old notes and circulating them back to the public. What this tells us is that we are not ready yet. The CBN probably needs some more time to achieve this task, because I don’t see that happening within the time frame. It is obvious that we still do not have the new notes. We understand that we want to go as cashless as possible, but there is no country where we do not have at least some cash in circulation.
“As for the availability , I think the government is trying to mop up funds so that they don’t spend it recklessly. How do you go to a party and say give me your account and let me transfer money; the money is simply not there for you to spray.”
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