Drama in Kaduna, Borno as beggars, residents, POS operators reject old naira

AHMED MARI, Maiduguri, with agency report

As the January 31 deadline for the old Naira notes fast approaches, customers have been facing untold hardship as banks and Automated Teller Machines (ATMs) have not been dispensing the redesigned currencies despite the long queues on Wednesday, especially in Lagos and other places.

A drama on Wednesday occurred on the well-known Kano-road in Kaduna when a group of beggars turned down some old 1,000 Naira bills that a kind stranger had given to them.

According to eye witness account, a young man was approached by three beggars in wheelchairs as he exited a bus.

Realizing they were asking for alms, the man pulled a N1,000 bill out of his wallet and extended it to the beggar who was the oldest of the three.

The beggars, in an amusing response, turned their wheelchairs around, looked at themselves, and rejected the young man’s offer by moving away from him.

The young man, who identified himself as Caleb, said to onlookers, “They (beggars) came to me, asking for alms. They rejected what I had on me despite my offering it to them.   The young man explained that despite his best efforts, he only had the older currency notes and was unable to obtain the newer ones”.

Also in Borno State,  residents  have decried the rejection and non-availability of the redesigned N1,000, N500 and N200 notes by traders and Point Of Sales (POS) operators.

It would be recalled that the Central Bank of Nigeria (CBN) Governor, Godwin Emefele, reiterated that the 31 January, 2023 for the collection of the old notes remains sacrosanct.

A resident, Ibrahim Sani, said: “It is unfortunate that traders have started rejecting old Naira notes even before the January 31, 2023. Now, I want to buy some foodstuffs but I couldn’t do so due lack of the new notes.”

“I was at the Automated Teller Machine (ATM) point, but only few machines are dispensing the new notes with long queues, while others are still dispensing the old notes. Even the banking Hall was filled to capacity as many people are trying to deposit their money ahead of the January 31 dateline”.

Another resident, Abubakar Idris, said: “We don’t know what to do; the redesigned currency is scarce and people have started rejecting the old notes. Except fuel stations, most of the traders have stopped collecting the old Naira notes “.

Idris added: “Today, I don’t know what to do. My firewood has finished, but I couldn’t buy more, because the firewood sellers refused to collect the old Naira notes and I don’t have the new ones”.

Also speaking, a trader, Sharu Damboa, said: “Yes, we have started rejecting the old  notes because we have only few days to the deadline and there are long queues in the banks; there is no way we can deposit our cash before the deadline”.

“We too, we are in dilemma because if you go to buy goods, the dealers are rejecting the old notes. As I am speaking to you, I don’t have many goods but due to scarcity of the new notes, I can’t buy goods that I don’t have”, he further said.

He also said some POS are even charging more for new notes than the old ones; that is when you get the new notes.  A POS operator, Alhaji Musa, said: “Yes, we don’t want to collect old Naira notes because now people have stoppped collecting them from us and when we get to the banks there are long queues and even at that, the new notes are difficult to get.”

.Customers lament scarcity

Bank customers in Benin, have decried scarcity of the new Naira notes at Atomated Teller Machines (ATMs) as well as Point of Sales (POS).

 

The News Agency of Nigeria (NAN) recalls that the Central Bank of Nigeria CBN), had announced Jan. 31, 2023 as deadline for the use as well as deposit of old N200, N500 and N1,000 banknotes in banks.

 

NAN also reports that the apex bank has also threatened to sanction banks still dispensing the old N200, N500 and N1000 notes through their (ATMs).

 

Some of the residents, who spoke to NAN appealed to the apex bank to extend the deadline for use of the old currencies.

 

Mrs Grace Emeka, a petty trader at Oregbeni market, told NAN that she was still accepting the old naira notes from her customers.

 

Emeka, however, said that she would stop collecting the old notes by Jan. 29, to avoid having to rush to deposit the old notes at the bank by Jan. 30 and 31.

 

She said, “the new notes are scarce. None of my customers has used the money to buy something from me since the new notes were released into circulation.

 

“I recently opened a bank account so that my customers buying things above N2,000 can transfer money to the account.”

 

Mr Moses Idemudia, a POS operator, told NAN that he was still doing withdrawals and deposits with the old Naira notes due to scarcity of the new notes

 

Idemudia said, “I will deposit all my old N200, N500 and N1000 notes in the bank on Monday, Jan. 30 and would stop collecting old money from them.

 

“Many bank customers want the new money but it is not available and the limited supply might cause a hike in the fees we usually charge for withdrawals and deposits,” he said.

 

Mr Larry Enabulele, the Cordinator, Edo Civil Society Organisation, Igueben Local Government Council Study Centre, said that most traders in the council had stopped accepting the old Naira notes

 

“Today being January 25, some traders and shop owners have stopped accepting the old N200, N500 and N1000 notes.

 

“The new notes are not in circulation. We have deposited our old notes in the bank and we cannot buy food stuff from local women.

 

“The CBN agents have yet to arrive in the local government council to swap the old notes for the new notes,” he said.

 

He urged the CBN to extend the deadline by six months on the stoppage of the use of the old notes to avoid unnecessary panic among rural dwellers.

 

“Traders are saying that they cannot accept the old notes from consumers because the only commercial bank (Union Bank) in the LGA is saying that it will stop accepting the old currency by Jan. 26,” he said.

 

NAN, however, observed that ATMs at Wema Bank, UBA and First Bank, at Akpakpava Road axis of Benin were dispensing the new Naira notes but with limits of N20,000 to N30,000 withdrawal.

 

At Ecobank at Ikpoba Hill, bank customers could only withdraw N5,000 with the new notes across the counter while the bank’s ATM wasn’t dispensing cash.

 

Mr Favour Lucky, a customer at Ecobank, expressed displeasure over the N5,000 withdrawal limit, noting that he wanted to withdraw N40,000 to pay a client who requested for cash and not transfer.

 

“CBN has to extend the deadline because it is making the masses to go through unnecessary stress.

 

‘Some clients don’t want transfer as payment, especially petty traders, they will even tell you that they don’t have a bank account,” he said

.Ilorin residents express frustration, seek extension for old notes

Also, Some residents of Kwara on Wednesday expressed frustration over the non-availability of the new Naira notes, as the deadline for the legality of the old notes draws near.

Some of the residents in separate interviews told the News Agency of Nigeria (NAN) in Ilorin that with six days to the withdrawal of the old naira notes as legal tender; only few new notes were in circulation.

Mr Olajide Israel, who was seen at an ATM point, said the machine was not dispensing cash, adding that it is frustrating that banks refused to load their ATMs.

He said the banks were afraid of sanction for loading with old notes, which means the new notes are not available for them to give.

“Since the ATMs are not dispensing cash, one will expect that once you enter the banking hall, you will get new notes, but it is not so.

“So, what are they disturbing us for? There shouldn’t be a deadline but a gradual withdrawal of the old notes, so that the new ones will circulate and citizens won’t suffer,” he said.

Another resident, Mr Bolarin Omolade, who runs a Point on Sales (POS) business at Post Office, said the policy has made him lost a lot of customers as some people were already rejecting the old notes.

Omolade said he couldn’t get new notes in the banking hall except at ATM points.

”I just withdrew N500,000 for my business this morning, but surprisingly I was given the old notes in the banking hall.

“I was told that I can only get new notes at the ATM, but I can’t withdraw there because there is a limit to what I can withdraw at the ATM.

“So, it will be better if the deadline can be reviewed because this will bring untold hardship on people,” Omolade said.

On her part, Mrs Elizabeth Israel, who sells curtains and beddings at Maraba, said she didn’t get new notes at the ATM after depositing the old notes in her possession.

Mrs Israel said she needed to have some cash with her because not all transactions could be done electronically as they involve small denominations.

”I would have loved to go cashless as we have been advised to, but it’s not everything we can make transfer for, like when we want to buy pepper, locust beans, vegetable and other edibles.

”So, I was forced to withdraw the old notes like that after the stress of depositing at first and going to like four ATMs before I can even get cash,” she said.

Another POS operator, Mr Taju Abdulganiy, said a lot of his colleagues would lose their means of survival with the new policy because of the scarcity of the new notes.

”Some of my customers that want to go and report at the NYSC camp could not patronise me because I don’t have new notes.

”And the deadline is drawing nearer by the day, so, we are at a crossroad.

”But the unfortunate thing is that, the scarcity will give room for the counterfeit to be produced and it will circulate more because people are eager to have the new notes.

”So, the government should check this either by extending the deadline or making the new notes available because even banks are complaining of not having enough,” Abdulganiy said

Meanwhile, six days to the deadline for the exchange of old naira notes for the new notes, Governor Samuel Ortom of Benue State has not seen the new currency.

Ortom made the disclosure on Wednesday when the Governing Council and Management of the Joseph Sarwuan Tarka University, Makurdi (JOSTUM) paid him a courtesy visit.

The governor said: “As governor, I have not seen any new naira despite six days to the deadline. What will happen to the man in the village? I join the senate in calling for the extension of the change of the currency from the old to the new one.”

He called on the CBN to extend the deadline of the use of the old naira notes, especially for those in the rural areas.

The governor said since the new notes were not much in circulation, it was not possible, especially for the rural dwellers, to meet up with the deadline, adding that most of them did not even have bank accounts.

“I join the National Assembly members to prevail on the CBN to extend the deadline of exchange of the old naira notes. If we do not say it as it were, we are liars and sycophants. Things are not right in this country. We want to let the President know that people are suffering and something must be done to reduce it,” Ortom said.

He commended President Muhammadu Buhari for heeding to the demand of immortalising late Joseph Sarwuan Tarka by changing the name of the Federal University of Agriculture, Makurdi to JOSTUM.