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CBN admits challenges in naira redesign, assures scarcity will ease off



The Central Bank of Nigeria (CBN) has expressed optimism that the current scarcity of the naira notes would soon be a thing of the past.

The Deputy Governor of CBN, Folashodun Shonubi, who stated this at the 22nd fellowship conferment lecture and ceremony organised by the Nigerian Society of Engineers on Thursday in Abuja, admitted that the apex bank never imagined the challenges associated with the redesign of the N200, N500 and N1000 notes.

The scarcity of the redesigned notes had paralysed activities in the country with Nigerians daily rushing to banks and Automated Teller Machines (ATMs) stands to withdraw cash for their daily needs.

The apex bank had last month extended the deadline for the withdrawal of the old naira notes from circulation to February 10.

However, the Supreme Court on Wednesday restrained the CBN and the Federal Government from going ahead with the February 10 deadline for the phase out the old naira notes.

READ ALSO: Naira redesign: NSA makes case for troops fighting terrorists in Northern Nigeria

Shonubi said: “As you know, Nigerians are very ingenious and we created a whole new line of business for people that we never envisaged.

“An aspect of that is queuing where you sell your position on the queue for money. There is also night crawling where you wait till night to collect numerous cards from your friends and family and go to an ATM and empty them using different cards and then take the cash to sell.

“So it’s been a bit stressful to be honest because we did not anticipate this kind of behaviour.

“I believe that sooner rather than later, the stress ongoing in relation to money would reduce.”

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