Kwara residents troop to Ilorin, lament harrowing process to deposit old notes at CBN

Nigerians have had to go through a lot of stress in their bid to redeem their old N500 and N1000 notes as directed by the Central Bank of Nigeria (CBN) following the redesign of some denominations of the nation’s currency last year.

Our correspondent who visited the branch of the apex financial institution in Ilorin, Kwara State capital, on Thursday met a lot of residents, many of whom travelled from far, stranded outside the complex while lamenting the slow process.

Speaking to some of the concerned residents, our correspondent found out that the process was not seamless, as they hung around the entrance waiting to have their notes deposited.

Security agents were also stationed at different angles of the branch to ensure law and order.

Ameen Kamaldeen, one of the affected residents, who spoke to our correspondent, registered his absolute frustration over the development.

Kamaldeen said he had been at the branch for several hours, adding that number tags up to 800 had been allocated to people with just about 180 attended to as at 3pm.

“The process is frustrating. Many of us have been here since morning and taken number. We have not been able to get it done. In fact, I had to stay away from work today. I don’t think the government is thinking about us at all. How can someone be compelled to go through this needless stress when the commerical banks could have been allowed to collect the notes?”, he said.

Another resident, Stephen John, who said he travelled from another local government to the branch, lamented the stress placed on vulnerable Nigerians. He insisted the apex financial institution must extend the window for the process in order to allow Nigerians deposit their cash.

John noted: “I am about to leave this place. When I got here in the morning, I took 194. This is almost 4pm and nothing has been done. Many of us have left already given the stress involved in the process. They didn’t allow people any longer as they asked us to come back tomorrow.

“It would have been better if another easy alternative is put in place for affected Nigerians to deposit their money. If this is the only process, there is no way the windows given by the CBN can stand. Unless they want Nigerians to go through another round of sufferings.”

Speaking on the need for the apex financial institution to deploy other designated points to make the process easier and fast, Tolu Idowu said Nigerians didn’t deserve the stress they had been made to go through.

Idowu, a Kwaran resident in the state capital, insisted it was ridiculous to use only the CBN branch in the state for the deposit of the old notes.

Read also:CBN opens portal for Nigerians to deposit old naira notes

“I can’t really wrap my head around what the Federal Government desires to achieve by subjecting us to this needless stress. I have been here since morning and I took number 667, only for them to stop at 180 something. Every single individual in Kwara State has to travel down to this place to have the process done.

“Even many of us that reside in the state capital haven’t got our notes deposited. This process should have been simplified by providing alternative points for us to deposit the cash. Apart from the fact that the process is terribly slow, it’s hard if not impossible to complete the window set by the CBN.”

The recent naira redesign policy had visited unprecedented hardship on Nigerians who had to go through the stress of getting the new notes as well as deposit the old ones at the bank.

The apex financial institution in the country had in a recent release said the deposit process, which commenced on Wednesday, was expected to run till Friday, February 17.

Meanwhile, President Muhammadu Buhari had in a live broadcast earlier on Thursday directed the Central Bank to make N200 notes available in order to ease the sufferings of Nigerians occasioned by the naira redesign.

The President, however, insisted both N500 and N1000 had ceased to be legal tender, urging Nigerians to take advantage of the windows provided by the apex bank to deposit their old notes.

Buhari said: “To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.

“In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.

“Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.”

By Ambali Abdulkabeer

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