Nigerians are confused as a result of the shortage of new naira notes.

 Nigerians continue to suffer as a result of the nationwide shortage of new naira banknotes as the deadline of January 31 for the phase-out of old naira notes approaches. As pressure mounts over the CBN Governor's unwillingness to accept the invitation from the House Committee, Speaker of the House of Representatives Femi Gbajabiamila threatens to issue an arrest warrant for him. Due to a lack of the new banknotes in key cities like Warri, Lagos, Abuja, and Benin on Thursday, commercial banks were compelled to shut down their ATMs. “Most Banks’ ATMs have been shut down due to the high demand for cash, so I had to make an over-the-counter withdrawal to get cash, but it was the old naira notes,” he said. Simon Oluwa, a trader in Warri, said he could not buy anything at the market on Udu road because he did not have the new notes. He also lamented that Point of Sale, POS, agents have suddenly stopped collecting the old currencies over the difficulty of getting the new naira notes.

Due to the enormous demand for cash, most banks' ATMs have been stopped down. As a result, he stated, "I had to make an over-the-counter withdrawal to collect cash, but it was in the old naira notes." A businessman in Warri named Simon Oluwa claimed that without the new notes, he was unable to purchase anything at the market on Udu Road. Additionally, he bemoaned the fact that Point of Sale, or POS, operators had abruptly ceased accepting the old currency due to the challenges in obtaining the new naira notes.

“It is tiring, the situation Nigerians face daily; some businesses at Udu road have started rejecting the old notes, even POS operators”, he said. Mr Olawale Ayodele, a resident of Ogun State, expressed frustration after he went to major ATMs in Ota but could not find cash. “I went round Ota till yesterday night (Thursday) looking for cash at the ATMs around this area but could not get. Honestly, the stress is not worth it. I cannot withdraw my own money again?” He lamented. Emeka Michael, a lawyer in Abuja, disclosed that ATMs he visited in CBD, Garki, are not dispensing cash. “The situation is terrible, to say the least; I had to go several places within the CBD but could not see any ATM dispensing cash. Honestly, ‘wahala’ plenty for this country”, he said.

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