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Bank customers decry scarcity of new naira notes at ATMs, POS

At Ecobank at Ikpoba Hill, bank customers could only withdraw N5,000 with the new notes across the counter, while the bank’s ATM was not dispensing cash.

• January 25, 2023
ATM queue
Photo of ATM queue used to illustrate this story [Photo credit: The Guardian]

Bank customers in Benin have decried the scarcity of the new naira notes at Automated Teller Machines (ATMs) and Point of Sales (POS).

The Central Bank of Nigeria CBN) announced January 31, 2023, as the deadline for the use and deposit of old N200, N500 and N1,000 banknotes in banks.

The apex bank has also threatened to sanction banks still dispensing the old notes through their (ATMs).

Grace Emeka, a petty trader at Oregbeni market, said she was still accepting the old naira notes from her customers.

Ms Emeka, however, said she would stop collecting the old notes by January 29 to avoid having to rush to deposit the old notes at the bank by January  30 and 31.

She said, “the new notes are scarce. None of my customers has used the money to buy something from me since the new notes were released into circulation.”

Moses Idemudia, a POS operator, said he was still doing withdrawals and deposits with the old naira notes due to the scarcity of the new notes

“Many bank customers want the new money but it is not available and the limited supply might cause a hike in the fees we usually charge for withdrawals and deposits,” he said.

Larry Enabulele, the coordinator, Edo Civil Society Organisation, Igueben Local Government Council Study Centre, said most traders in the council had stopped accepting the old Naira notes

“Today being January 25, some traders and shop owners have stopped accepting the old N200, N500 and N1000 notes.

“The new notes are not in circulation. We have deposited our old notes in the bank and we cannot buy foodstuff from local women.

“The CBN agents have yet to arrive in the local government council to swap the old notes for the new notes,” he said.

He urged the CBN to extend the deadline by six months on the stoppage of the use of the old notes to avoid unnecessary panic among rural dwellers.

It was, however, observed that ATMs at Wema Bank, UBA and First Bank, at Akpakpava Road axis of Benin were dispensing the new Naira notes, but with limits of N20,000 to N30,000 withdrawal.

At Ecobank at Ikpoba Hill, bank customers could only withdraw N5,000 with the new notes across the counter, while the bank’s ATM was not dispensing cash.

Favour Lucky, a customer at Ecobank, expressed displeasure over the N5,000 withdrawal limit, noting that he wanted to withdraw N40,000 to pay a client who requested cash and not a transfer.

“CBN has to extend the deadline because it is making the masses go through unnecessary stress.

“Some clients don’t want transfer as payment, especially petty traders, they will even tell you that they don’t have a bank account,” he said.

(NAN)

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