New naira notes scarcity grounds activities in Anambra

Anambra citizens have surrounded markets and banks in all of the region’s major cities in advance of the deadline of January 31 for the termination of the old naira notes.

Onitsha, Obosi, Nnewi, and some areas of Awka were among the major cities visited on Saturday, according to The Punch.

He noted that most merchants were forced to lock their doors in an effort to avoid collecting the old notes, which were still widely in use.

As they refused to accept the old naira notes, those who opened for business saw little to no clientele.

In order to prevent being trapped on Monday due to the sit-at-home strike, residents also resorted to panic shopping of foodstuffs and other random products.

Automated Teller Machines at commercial banks were clogged with users even though the majority of the machines were still dispensing the outdated naira notes. PoS employees were also observed providing customers the outdated notes.

The majority of the residents complained that they couldn’t use their debit cards or mobile transfer for transactions, which kept commercial activities in the state dull. It was learned that traders, business owners, and artisans insisted on being paid with new notes.

Some of the locals who spoke with The PUNCH expressed regret that, if they did not spend their old notes by the end of the weekend, they might not be able to do so because Monday—the day before the deadline—is a sit-at-home day and they would not have the chance to conduct business.

Chinwe Odume, an Onitsha citizen, raised concern over the commercial banks’ failure to distribute the new naira notes as instructed by the Central Bank of Nigeria.

Odume said, “When I could not withstand the heavy crowd at the banking halls, I came into the market to buy foodstuffs with the old notes with me as we don’t know what fate holds for us after today.
“Monday is sit-at-home in the South-East and after that, it’s Tuesday, so if we don’t spend the old notes today, it might be very difficult to do so on Tuesday.”
James Uko and Gloria Nwaobu, two respondents at the Nnewi market, lamented the situation and claimed they had no choice but to panic-buy in order to spend the old notes before the deadline on Tuesday.
They bemoaned the fact that the PoS dealers there had the new notes in large quantities and were demanding N13,000 in old notes in return for N10,000 from clients for the new currency.
Additionally, a drama occurred early on Friday at Onitsha Park when several passengers without the new notes were left stranded because the commercial bus drivers wouldn’t accept the old notes as payment.
When the stranded commuters began to complain, it took the involvement of several motor park authorities for the bus operators to start collecting the old notes.
A transport operator in Onitsha, who identified himself as Okechukwu Onu, said, “The banks in the South-East will shut down till Tuesday, because Monday is sit-at-home and by that day, the banks might refuse to allow us lodge the old notes.
“So, what we are doing is to also safeguard ourselves so that we are not stranded by Tuesday.”
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