Topic: 17 Days After Release: Scarcity Of New Naira Notes Worries Nigerians (Read 266 times)

Make we no d surprise if CBN extend this deadline again. How you go make old naira notes illegal tender on 10th Feb. without mapping out better strategy of the easy accessibility and availability of the new naira notes to the general public.

As I take the see all this kind thing wey d happen for the country, the old and the new naira notes go still d circulation for the country

Having a cashless d good but how fast and reliable can we go with it? Nigeria don grow to that level since but because of how poor our banking system d, na why people no d fancy  the use of cashless method because em go disappoint you when you no expect. I know of how many times wey I don get a failed transaction for cashless payment. Last week, I did a transfer to someone, I was debited of the money, while d peso never receive d money up till today. Is that how a cashless payment suppose to work? I sae make I ask cos this country get as em be. Other countries go fit the run things on a high notes for their country, but for our country things d get k-leg wey go leave you confused and frustrated

This is confusing, everyone has a different story reagarding this money issue. This one you are saying they want us to stop using naira notes and want to operate cashless policy so how do they expect people from local villages spend money when they barley go to school to understand figures, how do we give our little children money for breakfast when they are going to school, it’s going to be difficult and alot of people will suffer if that’s really their intention.

 This meme describes the scarcity of both the old and new Nigerian naira notes. Have you got any left? 🥱🥱😜

I do do not doubt your logic. This is the normal Nigerian mentality. Monetization of every activities they got involved in. I believe this as you have said is the plans of the bankers so that when the deadline is fast approaching, they start extortion from account holders so as to facilitate the changing process so they could get something from them. This is very bad. I suppose they should have known that they should be withdrawing more of the old  notes in circulation by now and also releasing the new note through the ATM Machine across the nation the same financial institutions are saying they do not have the new notes so there they are still issuing the old notes to customers which is very bad. This alone shows that the financial institution do not know what they even signed up for and they are not really ready to implement the cashless policy they are campaigning for.

This is the message I received from CBN today. I guess they are not aware that some banks still go ahead to put the old currency notes in their ATM. The Nigerian in me is thinking that may there is a plot among some of these bankers to take advantage of the situation. What do I mean? They'll keep putting the old naira notes knowing that at the deadline most Nigerians will rush to the banks and will want to change the notes for new ones immediately. At this point, they'll start to charge people money so they can get in and do exchange.  It is the "Nigerianness" in me thinking so.

The Nigeria government is agitating for cashless policy while her citizens are kicking against it noting that Nigeria is not yet ready for it. Now the new naira note that they minted are being withheld from circulation as the circulating new notes are scarce. Nigerians are really not ready for the cashless policy as the economy itself is not stable to the point of implementing such policy. It will only cause more harm than good. They are talking about cashless transaction, how will the market women that are not inclined to that level do, the commercial drivers, the village traders etc how will they cope with their various businesses. What I am hearing now is that they do not want the new note to be excess in circulation so as to encourage the cashless policy what a waste of time. I think they should have put things in other by conducting sensitisation and orientation so that all the above names mentioned can easily integrate.

Do Nigeria ATMs dispenses # 200 notes? I am not sure of this thou, it's been a long time.

Since last week, the ATMs around in my area are dispensing new naira notes, ₦500 and ₦1000 notes. I have not seen ₦200 notes. I do not know of other areas.

The government does not possess extra-ordinary abilities over other humans; they are just ordinary humans in power and are bound to make some decisions that end up not working out the way they planned. But knowing how the country works and how large it is, they should have had a better alternative to make the new note circulate faster. I think the CBN authorities show incompetence in their service because, since they stated the rule of the "deadline" for old notes as 30 January 2023, they should have begun earlier on to distribute the new note to all banks in every state and region of Nigeria, making sure that no ATM dispenses the old note, but, disappointedly, as Charles-Tim said, "ATMs are still dispensing old cash notes till date."

OP, talking about the scacity of the new note to worry Nigeria, I fully don't agree to it, because I see some video clips online where some people are saying they don't want the new note, and some are saying the color of the new notes can easily wash off if immersed in water. One shocking clip I saw was the new #200 note being divided into two pies and titled "first person to tear the new #200 currency." Not so sure, but I think 20% of Nigeria don't yet agree to the idea of this new note, which is not in their power to decide. 
I did not save some of the funny videos I saw lately last year about the new naira note, even were some business owners refused to accept it for payment.
https://vm.tiktok.com/ZMY1EvVe6/
https://vm.tiktok.com/ZMY1Eqbna/
https://vm.tiktok.com/ZMY1ETmgh/
https://vm.tiktok.com/ZMY1EKmhY/
(hope such links are not forbidden in the forum, am not awear if it it, so early apologies).

The issue is that CBN has not disbursed sufficient new naira notes to banks for it to get to the general public so it's expected that the date will be extended.
From one article I read, it's believed that the announcement for the extension date would be made after CBN monetary policy committee meeting which will be coming up on Wednesday, January 24/25, 2023.
SOURCE: https://punchng.com/new-naira-banks-customers-pressure-cbn-to-shift-jan-31-deadline/

Maybe they might disburse more new notes after the new final terminal date must have been announced. Cause the situation is so discouraging depositing old naira notes only to still withdraw same old notes from ATM.

 I taya for d mata no be lie. According to how dem tom am, the old naira sopoz phase out by the end of January, but how dat wan take hapn wen new currency dey hide like new bride?? The annoying fact na say some banks dey only allow customers to withdraw #15,000 worth of the new notes and go gats register for doz amount!
 
 One bank owner feel say the reason for the scarcity of new naira notes nah due to logistics. But we know say we govt no serious and despite CBN stating 31st as deadline, I still dey wait to hear say date don change. Except no be naija we dey

My brother no be for only you, I fit swear self that since when the money commot I never see any body use am for my place, if not be the only the picture wey I dey see for people phone and even government know say waiting them wan do about the deadline of the old naira notes they will surely extend date if not problem wey go happen no go be small because like this our grandparents wey no like to keep money for bank and still holding the old notes if they didn't see the new one they won't give out the old ones, so my opinion for here be say make government extend the date make everybody get their own new notes first, if not problem wey go happen for Nigeria no go be small because niger no dey play with money matter.

The new naira notes wey i be wan spend for my side and dey refuse to collect the money that is fake, make dey no just work with the deadline if not some people cannot see the new notes spend na to keep am without having the uses because the new notes sef no strong by holding it you go think say na fake na why dey don't want to collect it, you no this country too dey make mouth with too much play we go just try and use the new notes but i don't think the deadline fit work.

you don ever see wia 9ja dey serious for something?
them dey carry everything dey play too much, i could remember my aunty almost got accident because of this so called change of naira note. Na so she call me up say make i come quickly rush go bank to go deposit the old naira note but as i been dey small occupied she come say make she carry am go, on her way going moto nialy hit am but God save am and yet people still day deposit and withdrawing the old notes. i no know why we government too dey like to dey promise and fail us, for normal country before them announce am like this them for don make am circulate all their sub-states and immediately them deposit old notes them give you new notes but we country no dey like that at all.

Anyhow make we see na, me na cashless man so everything na card i dey carry buy so i no need to panic about anything but where e go affect us na during election time as we need am to carry travel go cast our votes.

The matter of these new naira note wey people no they see they my area too make e no con be say people never use the old one finish make they no con talk say make we stop they use am e no go better like that.
Or na the CBN never get better plan to release the new naira not for the country but me too I still think about these thing na only 2X I don see new naira note and N500

Left to me, there is nothing to worry about; the new naira notes wey dem meffy mint no be for 9ja people, na for electioneering process. since opposition whales refused to deposit cash to deposit cash to bank for new notes; the leading party don kuku ma hoard existing notes. electionn de like 40 days away. man dem need cash to survive and buy votes. las las, na poor man de suffer for bad policies

If na one thing wey Nigerian dey known for na never to stick to one thing dem say, we sabi dey do extension ehh and that's why people don't take things serious here. You fit here say this thing go end so so day and people no go even reason am self because when dat day come e no go still end and if we want stop this kind behavior dem we gas learn to dey keep to our words and time. If dem say the last day to return money na so so day make e be dat day and anybody wey never return go surfer loss so others for learn from this experience and so we go become more punctual.

Me too I never touch the new note and the only one I dun see na the #200 own. The scarcity of the new note na wetin dey follow make am hard for people to accept am as I dun see many stories online of people rejecting the new note when use for service payment. Make dem do fast end the acceptance of the old note and every other in circulation becomes invalid, make dem use this one teach Nigerians lesson so we go dey dey punctual.

The circulation of the new notes I only saw them twice when I made a withdrawal I think that was their motive to reduce the circulation of cash I think they are going to extend the day date, but I still like the idea sha because I feel say the thing go work and it will help the naira note to that having value even as the money no fine   waiting we go do na to still spend am.

I heard a news concerning that from a reliable source that CBN have stopped issuing the new naira notes to banks, since the first disbursement they haven’t done any again to any bank. Some reasons been that they want everything to be cashless policy and we should stop using naira notes again.

Concerning the availability of the new notes, I recently withdrew from an ATM machine of Access bank and it was dispensing all new naira notes. The same access bank today again was issuing old naira notes at the ATM machine. I’m just confused why this is so. Maybe they’ve finish disbursing the new notes given to them. Some people are still awed till today when they see the new naira notes which suppose to have been everywhere by now. We should already be seeing a great decline in the old notes availability which is not the case.

Banks and dere small small wayo. Na normal somtin 4 dis pple to dey hold  moni evn wen dem no need am. Wu knows cef, e go fit b coded info frm CBN say, mak dem dey lite on distribution if dem go distribute am at all. D idea ft b say, dem go wan wait till die minute b4 dem put am out so dat, some moni no go fit find dere way reach bank until e lose value finish.

No be onli u OP neva see d moni shah, na onli online we dey see am 4 d now nd e no reali mata to me shah. I no sabi hold dat dere moni normally.

D tin b say, after all dis moni way dem say dem don spend to print nd maintain notes, persn no dey see am eye. It's well o.