Confusion as scarcity of new naira notes persists in Lagos

As the January 31st deadline to phase out old naira notes in Nigeria remains two days, many residents of Lagos are confused as to how and where to get new notes to make daily petty transactions.

It was gathered majority of commercial banks are still not dispensing new naira notes nor dispensing the old notes again on their automated machines (ATMs).  

 In view of this, many people are going from one bank to another in search of where they could make a cash withdrawal (even if it would be a small amount) from their ATMs but to no avail in many of the banks. 

SUNDAY TRIBUNE observed at some areas in the metropolis particularly Abule-Egba, Ijaiye and Agege in both Ifako-Ijaiye and Agege local government areas of Lagos that many bank customers were not only disappointed but got frustrated that they could not get new naira notes from banks’ Automated Teller Machines (ATMs) contrary to CBN purported directive and claim.

Our correspondent, who visited some banks including Zenith Bank and Eko Bank both at Ijaiye bus Stop, Guaranty Trust Bank and First Bank at U-Turn and Access Bank, on Saturday, observed that the banks were operating to receive only the depositors of old Naira notes and not for any other business. 

Their ATMs galleries were with no money- either new or old notes.

It was only Eko Bank in that axis that had one of its ATM machines out of the numerous installed there dispensing new Naira notes with many people queuing for their turns. 

In most of the banks, however, customers have to show to the bank security guards their old naira notes they wanted to deposit before they were allowed into the banking halls to make their deposits. 

They said they would not want their banks to be crowded unnecessarily with people who had no business with them as they opened their doors only for people who wanted to deposit their old naira notes and within a specific time schedule. 

They said the old naira notes are still legal tender till next Tuesday.  

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Interestingly, many of the depositors came to banks to deposit as small as N2,000, or N3,000. 

They told SUNDAY TRIBUNE that the amount was all the money they had at home and they could not risk losing their money no matter how small should the deadline of CBN subsisted. 

They said it was only politicians and big-term businessmen that could have huge amounts of money as cash at home or somewhere else outside the banks and not the impoverished Nigerians who are in the majority. 

However, at Eko Bank, where only one ATM machine was dispensing new notes and with maximum of N10, 000 at a go, many people did not mind waiting for many hours before reaching their turns. 

They told our reporter that they just had to have some cash at hand at least for petty expenses for the weekend and particularly if traders won’t accept the old naira notes from them.