Nigerian banks are still distributing old Naira banknotes because the date of demonizing is closer-Africa

Since only a few days remain until old Nigerian Naira banknotes are pulled out of circulation, some banks have accused the central bank of Nigeria not to have spent enough new banknotes. Despite the growing pressure to extend the deadline for the return of the old banknotes, the central bank insists that the deadline continues to apply to January 31.

less than 40 % of the ATMs give up new banknotes

While the deadline of the Central Bank of Nigeria (CBN) on January 31 is approaching for the return of the old Naira banknotes, banks still distribute the banknotes in several Nigerian states, which will soon be devalued, according to a report. In addition, fewer ATMs (ATMs) - according to an examination by the Guardian - spent new banknotes.

loud Guardian report are convinced that the bottleneck is caused by the CBN that has not distributed enough new banknotes. A banker from Lagos, who was not named by name, claimed that his branch had received "only N1.5 million new notes" last week and had no new stock of the newly designed Naira at the time of writing.

The submission date is getting closer, but we don't get the expected amount. We suspect that you will introduce it massively next week because there are no signs that the deadline is extended.

Another banker from the Nigerian state of Ogun said, while the CBN refused to extend the current period, indicates the increasing concern that "a massive distribution of money" should have been made in the meantime.

cbn refuses to bow to the pressure

The fear that many Nigerians will lose if the old Naira banknotes expire, some politicians have prompted to demand an extension of the deadline. So far, however, the CBN has refused to bend the pressure and insisted that the deadline continues to apply.

In the past, the Central Bank has rejected claims that the decision to devalue the old banknotes aimed to punish certain groups. Instead, the cbn insists on reducing and reducing the expenses for cash management and to sort out fake banknotes.

In the meantime, some Nigerian commentators have indicated that the CBN may inject in unreasonably inappropriate banknotes to force the residents to switch to digital alternatives, including their digital central bank currency (CBDC). Such speculation in turn caused the Nigeria Governors' Forum (NGF) to submit an explanation in which the CBN is warned.

In the explanation that the governors supposedly said that the central bank The currency formation policy is, but "the special features of the states should take into account, especially with regard to the financial integration and under -sector locations".

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Terence Zimwara

Terence Zimwara is an award -winning journalist, author and writer from Zimbabwe. He wrote in detail about the economic problems of some African countries and how digital currencies Africans can offer an escape route.

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