Solution To Overcome New Notes Scarcity In Nigeria

As the CBN governor, Mr Godwin Emefele offered Nigerians the long-requested opportunity to give an extension date on the initial deadline for changing old N200, N500 and N1000 notes to new ones. Nigerians are happy to hear the deadline has been shifted to 10 January 2023.  Many had expressed their concern about the hardship the short notice and the scarcity of the new notes in the market, banks ATM points and even some who said they approached their bankers for substitution of the old notes for new ones, expresses their dismay about the responses gotten from the bank staffs. Mosques and Churches are not left out, as many churches experience low tithe payments because the churches ushers refused to accept old notes on instructions of the pastors, it was gathered that mosques too are not left out some mosques in Abeokuta and Lagos issued out account numbers for donations to avert the stress of taking the old note to the bank for either exchanges or deposit as the crowd seen at the entrance of most bank are etic.

Nigerians have started proffering solutions to the new not scarcity. Some of the people Bulletin1247 news crew spoke to give the following advice and solutions to the people, the banks and the government:

Everyone should embrace the cashless policy and do more bank transfers, and USSD payment transactions, to ease the long queue stress faced at the bank. Banks and bank services and mobile internet service providers intensify their efforts and ensure better services to ease the speed of online and mobile banking and also to reduce the failure of the service.

The CBN has been advised to make directives to banks mostly commercial banks to make the new naira notes available in their ATM points for easy circulation of the new notes.