Written by on March 13, 2023

Lagos residents have continued to appeal to president Muhammadu Buhari and the Centra Bank of Nigeria governor Godwin Emefiele to address the confusion Nigerians are faced with in the acceptability or otherwise, of the old 500 and 1000 naira notes as legal tender .

Two bank customers who looked frustrated at an Automated Teller Machine site in Ikoyi, Ginika Anah and Raphael Uko made the call while speaking with Metro FM.

They said they have visited ATM of many banks for about one month now to make withdrawals but had not found any, dispensing cash .

Ginika called on the federal government to make cash available to banks as well as address Nigerians on the use of the recirculated 500 naira and 1000 naira old notes for the payment of goods and services.

” Why will I deposit money in bank to save for my own use whenever I choose to use that money and now I’m unable to withdraw it. Why are the ATM not dispensing money? why can’t I find cash, to enter transportation, to enter ordinary BRT buses. To enter transportation to my place of work. To buy food and groceries. President Buhari and the CBN governor Emefiele are not saying anything about it and Nigerians are suffering . The situation is getting worse by the day .”

“We have to pay extra money to buy our own currency. Why will you buy the money of a country you are a citizen of?
Why do I have to pay extra to collect my own money?
The CBN should please come and address this issue. “

Mr Raphael Uko expresses his frustration:
“I have been in this line since six hours. The bank closed their entrance door. We are just standing here hopelessly. No money in the ATM. I am hungry. I need to buy food. I have gone to so many ATM to withdraw my money for more than one month now but did not see any one that is dispensing money.”

“Yesterday my friend told me that ATM of one bank was paying #2,000. I quickly ran to the bank but before I got there, the ATM was no longer dispensing.”

The supreme Court had ruled that the old 500 and 1000 naira notes should continue to be used as legal tender until December 31st.

Investigation by Metro FM shows that some banks have been paying their customers with the old notes but the notes are however ,being rejected by traders and commercial bus operators for business transactions.

The cash crunch has made life miserable to most Nigerians .

Point of Sale, POS, operators took advantage of the situation to charge exorbitant price from their customers who needed cash .

While some POS operators sell #600.00 for #1000.00 some sell #5,000.00 for #7,000 .

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