Despite the Central Bank of Nigeria (CBN) directive on Monday, March 14, 2023, banks have refused to accept old naira notes.Information Guide Nigeria

According to LEGIT.NG, some customers have been disappointed as they were told that nothing had changed and banks were still waiting for supply from the CBN.

A bank official told a customer at Ikotun: “We have been paying the cash in our vault before and it is exhausted. We will get more cash from the CBN”

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Another customer, Bamidele Adeniyi, said: “My worry now is where would CBN get the old notes to supply banks since they have destroyed the ones in their possession?.”NYSC Portal

LEGIT.NG reports that a Capital Market Professor at Nasarawa State University Keffi, Uche Uwaleke, said that the ongoing cash scarcity and low demand have led to a situation where traders dealing in perishable goods are compelled to sell their products below the cost of production or purchase price, as they lack proper storage facilities, Businessday reports.

He said: “In my opinion, the use of cash scarcity to stifle demand is not a sustainable way to tackle inflation as it hurts economic growth and could lead to loss of jobs thereby fuelling unemployment.”JAMB Result

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