ATMs Not Dispensing New Notes Despite Extension

…As Traders Reject Old Notes

Regardless of the extension of deadline by Central Bank of Nigeria (CBN) for the phase out of the old ₦200, ₦300 and ₦1000 notes respectively, bank customers express frustration as the ATMs are not dispensing the new notes in banks in Port Harcourt.

Some bank customers who have the new notes decried the long hours of queuing at different banks before they could get the new notes while some who were not able to get any as it  become exhausted before it got to their turn.

Residents of Port Harcourt expressed worries over the non-availability of the new naira notes despite the directives by the CBN to deposit old naira notes.

As a result of these developments, some business owners and traders in Port Harcourt have refused to collect the old Naira notes in their business operation as the new notes are not in circulation which according to them could lead to loss in business.

Some traders who spoke to National Network while monitoring the situation on Tuesday at Oil Mill Market, pleaded with the Central Bank of Nigeria (CBN) and the FG to increase the availability of the new naira note to mitigate hardship in the country.

According to Mrs. Uche Beauty, a trader in Oil Mill Market: ” Our customers still have the old naira note with them up till now and as a trader when I go to the bank to deposit money, it’s also a challenge because of the overwhelming queue at almost every  bank.

“I use Three Hundred Thousand Naira to purchase some of the goods I sell, I have deposited my business money into the bank to meet up the deadline  and as I speak with you despite the extension, I have not been able to withdraw up to one hundred and fifty thousand of the new naira note. So some of us have decided to only accept the new note for purchase of our good to avoid loss”.

She further expressed fear that the extension of deadline given by CBN to deposit the old note have yielded little or no result as the new note is not in circulation which according to her is making things difficult for people and slowing down businesses.

Also traders  have raised alarm over the exorbitant price charged by PoS operators to get the new Naira, adding that the point of sales operators are only taking advantage of the situation to make money.

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