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Redesigned Naira notes in minimal circulation  as Nigerians begin rejection of old notes



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The shortage of the redesigned Naira notes has increased in major cities of the country as Nigerians began rejection of the old notes on the denominations of N200, N500 and N1,000.  National Daily went round the city of Lagos on Friday monitoring activities at several commercial banks where many customers were rushing for the new notes. Few banks were noticed to be dispensing the redesigned Naira notes of N1,000 denomination at the ATMs in Ikeja metropolis and its environs. Large crowd were sighted at the few banks dispensing the new Naira notes on long queues.

National Daily, in its investigation, noticed that some customers went to the ATM with multiple ATM cards as the banks imposed the maximum withdrawal limit at the ATMs of N20,000 per day. While some customers brought the ATM cards of their accounts in various banks, some gathered the ATM cards of their friends or relations.  This caused little delay, leading to momentary confusion and argument.

Some bank customers that went to the ATMs with multiple withdrawal cards were identified to be POS operators.

National Daily also observed that few other banks were still dispensing old notes as at Friday. At such commercial banks, there were no crowd, people could walk in at ease and use the ATM at will.

Also, National Daily noticed that the various banks were not paying out new notes on withdrawals at the counters, but were however, receiving the old notes being deposited by customers.

Meanwhile, in certain parts of the state, traders and other services providers have started rejecting the old naira notes as at Friday, while several others were issuing notices to their customers that beginning from Sunday, they will no longer accept payments in old Naira notes.

Some of the banks monitored include Zenith, UBA, GTB, Unity, Access, Lotus, Fidelity and others, in areas within Awolowo Road, Olowu Street, Oba Akran, Akausa, Allen Avenue, Opebi, Ogba, Agege, Oregun Road, Ojodu-Berger, etc.

National Daily also observed that the various banks were yet to reconfigure their ATMs to be dispensing N100 and N200 notes as directed by the Central Bank of Nigeria.

Meanwhile, the shortage of the redesigned Naira notes co-exists with the shortage and scarcity of petrol, now causing long queues at petrol stations and the banks. Nigerians were thrown into disbelief over the effectiveness of the January 31 deadline issued by the CBN for the swapping of the redesigned notes with the redesigned notes which are yet to be in wide circulation.

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