Outrage in Nigeria over currency scarcity at banks

LAGOS, Nigeria

Nigerians were outraged Wednesday because of the scarcity of new naira notes at commercial banks.

Scores of Nigerians who went to banks in cities and towns said they could not swap the old currency notes with the newly-redesigned naira notes despite the extension of a deadline for swapping by the central bank.

“This suffering is becoming unbearable. The Central Bank insisted it has moved enough new notes to all banks in the country and the banks aren’t giving them out. We are angry and disappointed at the naira swap policy,” businessman Peter Alonge told Anadolu.

Three of Alonge’s friends were enraged and demanded authorities take stiffer action against commercial banks that fail to dispense the new notes.

In the nation’s capital of Abuja and other cities across the country, many lined up at ATMs for the new notes, according to media reports.

“I spent over five hours at the ATM, yet I got only a few old notes, not even the new ones. Banks are turning people down, asking them to go to the ATM. It’s painful,” said Charity Igwe, an operator of a local cash Point of Service.

Central Bank of Nigeria Governor Godwin Enefiele warned commercial banks Tuesday against the infringement of bank rules for the naira swap. He said Nigerians can still bring the old notes to banks even after they ceased to be legal tender Feb. 10.

Nigeria announced a change in some naira notes in November, citing security concerns, hoarding of currency and an escalation of cybercrimes as reasons for the change.

The naira scarcity came amid the scarcity of petrol and a hike in the price.

• Banks
• Nigeria
• scarcity