A go phase of Lagos citizens have stated that the extension of the validity of the vintage N200 notice has added a few succor to them.
The Central Bank of Nigeria(CBN) on Oct. 26, 2022 introduced the advent of the redesigned N200, N500 and N1,000 notes into the economy.
However, because the new notes got here into movement on Dec.15, Nigerians have struggled to get entry to it from Automated Teller Machine (ATM) factors of banks.
President Muhammadu Bahuri, in a country wide broadcast on Feb.16, stated that the vintage N200 notice could stay a felony smooth until April 10.
Buhari sympathised with Nigerians over the problems in gaining access to the brand new Naira notes and stated his admininistration could maintain to evaluate the implementation of the coins switch policy.
According to him, the extension is to make sure that Nigerians aren’t unnecessarily burdened.
Correspondents of the News Agency of Nigeria (NAN) who checked the state of affairs on Mainland and Island regions of Lagos, suggested that once the authorities directive, maximum banks` ATMs have been loaded with the vintage N200 notes.
They additionally lauded the authorities`s directive at the vintage N200 notes as felony smooth until April 10.
They, however, implored authorities to rethink its role at the N500 and N1,000 notes to lessen anxiety on monetary activities.
A trader, Mr Isioma Okebunor, stated that at the same time as the vintage N200 notes have been very an awful lot in movement and alternate become ongoing, many lacked the technological understanding of depositing vintage N500 and N1,000 notes.
NAN recollects that the CBN had directed that an e-shape be stuffed on their internet site earlier than intending to deposit the vintage notes as much as N500,000.
Okebunor, however, stated that a lot of them have been now no longer literate sufficient to apprehend the complete technique main to losses on their part.
“I like what authorities is doing to make sure that there
s minimum vote shopping for withinside the drawing close election. Its time for us to combat for the usa via way of means of collaborating via our vote.
“But the struggling we’ve got skilled withinside the beyond few weeks has been an awful lot. We are pressured with what we preserve listening to withinside the information and we are hoping authorities will allows us in order that we don`t lose too an awful lot.
“I am satisfied that the vintage and new N200 exist aspect via way of means of aspect; we thank authorities for that type gesture.
“Government ought to assist the uneducated human beings and people withinside the villages to go back the vintage notes due to the fact the technique is complicated to us on phone,” he stated.
A bus motive force alongside the Lekki-Epe axis, Mr Olatoye Gbadamosi, found out that each vintage and new N200 notes have been to be had for use.
He introduced that the N500 and N1,000 notes have been starting to additionally flow into while as compared to the state of affairs final week.
“See the cash with me, we’ve got the brand new notes now. It become earlier than that the cash become now no longer to be had and we have been afraid and it affected our enterprise a lot.
“Many human beings could input the store and do switch to us and while we visit acquire the cash from pay factor dealers, we generally pay charges, so it become now no longer easy.
“But now, it’s far different. It isn’t always as an awful lot as we’d have liked, however we’ve got it little via way of means of little,” he stated.
A gas attendant, who diagnosed himself in reality as Tobi, found out that there were growth withinside the use of N200 notes, each vintage and new, for gas purchases, following the reissuance directive.
He introduced that financial institution transactions have been additionally as a minimum eighty in step with cent a success while as compared to the final weeks.
On the Mainland, out of the 15 banks visited round Ikotun, Agege, Osolo and Allen Avenue, most effective loaded their ATMs with the vintage N200 notes
A workforce member in one of the banks stated that it become allotting N200 notes.
The financial institution worker, who favored anonymity, informed NAN that they have been most effective given N500,000 and their system become configured to be pay a naximum of N5,000 in step with client.
Another financial institution workforce, who spoke below anonymity, stated his financial institution were allotting vintage N200 notes.
A financial institution client, Prince Paul Chigozie, advised the apex financial institution to make sure banks had sufficient N200 notes, each vintage and new, and make sure they have been loaded withinside the ATMs.
“Let the CBN supply banks sufficient vintage and new N200 notes and train the banks to load up the ATMs.
“They want to programme it in the sort of manner that every character can most effective withdraw a most of N10,000 every day regardless of the financial institution the client is using.
“This way that people can have get entry to to N10,000 most effective on a every day basis; this can allow a right movement of cash amongst Nigerians,“ he stated.
However, at Ikotun marketplace, many clients and traders, who nonetheless had the vintage N500 and N1,000 denominated notes, used it to buy items at a better rate.
Point of Sale (PoS) dealers additionally have been giving out vintage notes without charge and new notes at exorbitant value.
NAN reviews that a bag of 10kg rice at Ikotun marketplace which commonly sells among N8, three hundred and N8, 700, is offered for N9,500 for the ones shopping for with vintage notes.