The much-awaited rollout of the newly redesigned naira notes kicked off yesterday to a low start as several customers who thronged banking halls and other cash points were unable to get the new naira notes.

In many instances, banks were rationing the new naira notes by mixing some new notes with old notes for over-the-counter transactions’ customers.

Automated Teller Machines (ATMs) in Lagos still dispensed old naira notes on the first day the new naira note began circulation.

In Oyo State, bank customers were disappointed as they discovered that the new notes were yet to be in banks in the state capital.

The Nation’s survey showed that most commercial banks in Jos were not issuing the new notes both on the counter and ATM spots.

Hundreds of customers who had besieged various banks in the state capital in anticipation of collecting the new notes expressed frustrations that the banks could not provide the new notes despite assurances by the Central Bank of Nigeria (CBN) that the new notes had been distributed to banks.

Eyewitnesses’ reports indicated that although the CBN last week said it had commenced distribution of the newly redesigned naira notes to banks across the country, commercial banks in major cities in Nigeria were still struggling with limited availability as they began dispensing a few new naira notes to over-the-counter customers.

Visits to some banks on Victoria Island, Ajah, Ikate, and Oshodi Lagos yesterday showed that the banks could not meet customers’ demand while all ATMs continued dispensing old notes as usual.

Oluwole Afolabi , a customer of GTB Bank, said: “I was paid N18,000 in the new notes, and another N5,000 in the old notes. The teller told me that it will get better with time,” he said.

Afolabi said he believed that with time, the new notes will go round, stressing that the old currency continues to be legal tender till January 31, 2023.

A woman, who gave her name as Madam Shola in ibadan yesterday said she had anticipated to receive the new notes but was disappointed the ATM only dispensed old notes, despite visiting three banks.

“My intention was to be the person to show my children and neighbours the new notes,” Shola said.

“Look, CBN told Nigerians that they’ve delivered the new notes to all the banks in the country, on getting here to withdraw money, all I got was the old news,” Olaitan said.

All efforts to speak to senior bank officers over the development proved abortive. However, a staff in one of the banks, who pleaded anonymity, told our correspondent that, that the banks were still reconfiguring their ATMs and would start circulating the new notes.

Meanwhile, the much-awaited interface between the Governor of CBN and the House of Representatives over the new cash withdrawal policy introduced by the apex bank failed to hold yesterday as planned as the CBN Governor failed to show up.

At plenary, the CBN Governor was absent and was said to have travelled out of the country with the President.

In a letter to the House, Deputy Governor, Corporate Services, CBN, Edward Adamu said the CBN Governor would not be appearing before the House as planned because he was an official trip to the United States of America with the President.

Adamu said the CBN governor would appear before the House to defend the policy “at the earliest time possible.”

Following outcry by members, the House had asked the CBN Governor to appear before the House at plenary to explain the new policy and its implications on Nigerians and the economy.

New naira: Shortages dampen excitement

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