…As burning of banks spread to Ogun, others
Series of random telephone interviews by Business Hilights across commercial banks in Lagos, Kano and Abuja have revealed that upon the directive of President Muhammadu Buhari to the Central Bank of Nigeria (CBN) to release back N200 old notes, it is yet to begin the re-circulation.
This is as violence against banking institutions have spread to Ogun State today and other states. Today, Monday, February 20, a bank (name with held) was burnt down in Shagamu, Ogun State.
Recall that Buhari while addressing Nigerians last Thursday morning, said whereas old N500 and N1,000 in defiance of the Supreme Court prevailing order shall remain no legal tender any longer, only N200 old note shall remain until April 10, 2023.
But checks across banks showed that the apex bank is yet to begin the re-circulation as directed by Mr. President and that has created more squeeze in cash access across the nation. In a telephone interview with some bank staff at Lagos International Trade Fair complex, the bankers decried the inability of the apex bank to use the weekend to move old N200 and new notes to banks but never happened. Many of the banks said they have given out even the most mutilated old N200 notes, yet many Nigerians are still coming to ask for it.
However, members of the public have resorted to buying old N200 notes from bus drivers, petty traders, petrol filling stations and others to keep hope alive.
Additional checks also revealed that old N500 and N1,000 notes are more in the hands of Nigerians and many of them are totally confused on what to do recover the value of their money even as general election closes in Saturday, February 25, 2023.
On the other hand, the idea to re-circulate old N200, apart from revealing that not enough was minted ab-initio, cannot even solve the problem because before the mopping up and as at December 2022, old N200 notes in circulation is about 7% while old N500 and N1,000 remained over 82%.
…More details later
