Banks Flood Market With Dirty N100 Notes

CYRIACUS IZUEKWE

The motive behind the Central Bank of Nigeria and the commercial banks allowing in circulation torn, patched and dirty naira notes especially N100 denomination has remained a surprise for most residents in Lagos.

Apart from the fact that the embarrassing notes cause serious environmental nuisance to the public, they have also continued to cause serious fights during the exchange of goods and services in terms payment for services delivered among the people.

P.M.EXPRESS investigation revealed that virtually all the banks pay their customers with torn notes across the federation and none of the bank authorities had explained what led to such ugly transaction.

P.M.EXPRESS went to some banks to know why the banks were paying customers who trooped to there for withdrawals daily with dirty notes. The banks officials were unable to offer acceptable explanations and directed our correspondent to the Central Bank Nigeria who they claimed was in charge of printing and releasing of the notes.

However, some bank managers who did not want their names mentioned said that the problem was as a result of the inability for CBN to print new notes and replace the old ones probably for lack of funds to print another notes.

The managers said that they had made series of complaints to CBN and they have not responded and they had to continue making transactions with the available notes paid in by their customers.

The CBN officials could not be reached for their reactions on the dirty notes being circulated in the market.
However, the issue has been of serious concern to businessmen, traders and customers who were using the money for transactions.

Commercial buses, tricycle operators and motorcycle riders all have tales of experiences from their customers daily.
A bus driver, Osita Ndukwe said sometimes, the passenger will pay them with the dirty Naira notes and when they reject it the passengers will claim that it was given to them from banks. He said when they eventually collect them from the passengers to give to other ones, they will reject them and that usually caused arguments and degenerate sometimes to public fight.

It was also the same experience with some businessmen, traders, artisans and others who said that there was serious need to address the embarrassing situation in the society.

P.M.EXPRESS confirmed that it was not only in Lagos that the dirty notes had been circulation, it cut across other cities in the country including the Federal Capital City, Abuja and it appeared there was no remedy in sight.