Senator Ekwunife Expresses Worry Over Unavailability Of New Naira Notes

Reacting to the development, Ekwunife said, “I have received several reports from constituents on the challenges occasioned by the unavailability of the new Naira notes, and I am totally saddened over the difficulties our people are facing over this sad and unfortunate development”.

“Any policy of government, which does not make life easy for the average citizen, is a policy which intent or implementation must be reviewed. The reports from my constituents who are going through extreme stress and difficulty to withdraw their hard earned money show that the CBN deadline for the phasing of the old naira notes is causing untold hardship on average citizens.”

“Senate had on the 24th of January before we embarked on recess adopted a motion urging the Central Bank of Nigeria to extend the deadline for exchange of the old Naira notes. We believe that the extension will help ease the tension and sufferings of Nigerians.”

“During plenary, most senators embraced the extension citing scarcity of new notes both in the banks and at the various Automated Teller Machine points across the country.”

“In reaction, the CBN had extended the deadline until February 10th, however, I am of the opinion that the new deadline is still not tenable based on the scarcity of the new notes and the consequential chaos we are witnessing currently in banks and other business environments.”

“Several banks have slammed unreasonable withdrawal limits on customers, further exacerbating the situation. I have watched on social media several trending and embarrassing videos of bank customers not being able to have access to their own money. Money for feeding, transportation, business and other essential services have been denied customers due to the scarcity of the new notes. Many businesses, particularly small businesses that are cash dependent are losing daily income due to the ugly situation.”

“Naira is now being traded at 10 to 15 percent of the amount by the Point-of-Sale (POS) agents who have become convenient black market for the withdrawal of the currency, albeit in limited amounts.”

“The reports I am getting from constituents reveal that the withdrawal of cash of N5,000 from POS agents which used to cost N100 now comes at a charge of N800, while that of N10,000 which used to cost N200 is now about N1,500. At the banks and ATMs people are forced to stay on queue for long hours, and at the POS points, citizens are left with no option but pay outrageous prices to withdraw cash needed for meeting their daily needs. This development is truly heartbreaking and should not continue.”

“While I urge my constituents to be patient and remain law abiding in spite of the occasioned hardship, I wish to use this medium to call on the Federal Government and CBN to review the deadline and also take immediate and urgent actions that will ensure that this ugly situation does not linger any further” Senator Uche Ekwunife concluded.