Nigerians Still In Search Of Naira Notes On Eve Of 2023 Poll - EDU-BIZNEWS


Friday, February 24, 2023

Nigerians Still In Search Of Naira Notes On Eve Of 2023 Poll

Nigerians are still in search of naira notes hours into the 2023 general elections commencing this Saturday 25th of February with presidential and National Assembly poll 

Several customers seen in Lagos, the country's commercial city  and Abeokuta, the Ogun State capital 
 besieging their respective banks as usual in a situation that has become unabated since the implementation of naira swap policy by the Central Bank of Nigeria which has subjected the people to untold hardship in nearly  four weeks 

Most of the customers who came very early on the eve of the elections from other parts of Ogun State into Abeokuta, were seen in various commercial banks, particularly in Oke-Ilewo and Panseke outside the main gates, trying to have access into the banking halls for last minute withdrawal 

It was gathered that customers were only allowed to withdraw between N5,000 and N20,000 across the counter in their various banks 

Most of the commercial banks operating outside city stopped operations as a result of Incessant attacks on banks in Sango-Ota axis and most recently in Sagamu where two banks were razed down and several others attacked by suspected arsonists claiming to be customers under the guise of protest against the inability of the Automated Teller Machines ATM to dispense cash

The situation worsened last week with the pronouncement of President Mohammadu Buhari which placed a ban on old naira notes of N1,000 and N500 while ordering Governor of CBN, Godwin Emefiele to only recirculate the old N200 notes till April 10, 2023 pending the replacement of these three denominations with the new ones which are still scarce in banking system 

However there has much improvement in the supply of  Premium Motor Spirit in most of parts of Abeokuta as some of the filling stations being operated by the major marketers are dispensing the product to customers at between N190 and N195 per litre of petrol while most of the independent marketers sell between N250 and N270 

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