Ilorin Residents Decry Scarcity, Hardship Created By New Naira Notes

Some Residents of Ilorin, the Kwara state capital have expressed displeasure over the inability to withdraw money for domestic and business transactions following the currency redesign policy by the CBN.

Some of the residents who spoke with our correspondent in Ilorin lamented the effect of the scarcity of the new currency on their livelihood and businesses.

Our Correspondent observed that customers crowded the banking halls and ATM machines of various banks visited to have their way with little success.

An Ilorin resident, Mrs Mariam Yusuf, who spoke with our Correspondent said she cooked two cup of rice recently to feed the family without ingredient in it as they ate the food just like that.

Another resident, Mr Tunde Gabriel said he borrowed money to board taxi to bank to make withdrawal in one of the commercial banks in the state, but he was unable to withdraw despite the fact that he came to the banks as early as 5:30am on Friday Morning and in the evening he was still in the bank waiting if he would get money at the ATM as he has run out of cash

Another resident, who went inside the bank to withdraw and was told that he would be given N2000 instead of N20,000, expressed displeasure as he could not received the two thousand naira due to network.

He said the last cash with him was fifty naira despite the cash he has in bank, adding that he would transfer his money to another bank just as other customers were transferring their money to another bank

Mr Paul Adebayo said “it is funny and worriesome to have money in the bank and not being able to withdraw for domestic and business transactions.”

Mr Sani Abu said “the policy is making life very difficult; business women and the petty traders are not selling and they are rejecting transfer”

Some of the residents and customers, however, commended some of the the banks in the state capital for dispensing the new naira notes through its ATM machines to customers.

The residents further lamented that operators of POS, are also imposing high charges on customers just as the POS operators also said they have no cash to dispense to customers when approached.

A female POS operator, Blessing Oluwafemi said “I am frustrated, I can’t even dispense N1,000 of the new notes to customers who come for withdrawal, because it is difficult to obtain the redesigned naira notes from the banks and customers are not willing to take the old notes.

She said, “how do you have money and you can’t spend because it is trapped in a bank without any genuine reason.

She appealed to the authorities concerned to ease the suffering of Nigerians by sanctioning those behind the scarcity of the new naira notes, describing it as pure economic sabotage

Findings further revealed that people in the rural areas appeared to be mostly affected as plans put in place by the Central Bank of Nigeria, CBN, to ensure smooth exchange have not yielded any positive result.

None of the bank’s staff contacted on the development was ready to comment on the issue.

It would be recalled that the Federal Government extended the swapping of the old naira notes for the new currencies to February 10,2023 to enable Nigerians exchange their old notes.
Edited by Felix Ajide

Angers as customers spend hours at ATM to collect new currency notes without success
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