Despite CBN’s directive, naira crunch still persists in Ebonyi

Residents still reject old naira notes
Despite directive by the Central Bank of Nigeria (CBN) that old N200, N500 and N1, 000 notes should return into circulation and accepted as legal tender, residents of Ebonyi State, especially motorists and business operators are refusing to collect the old banknotes, especially N500 and N1,000 notes, thereby making transactions difficult for the people.

The Guardian investigation reveals that apart from difficulties in accessing both new and old banknotes from banks, the Point of Sales (POS) operators sell N1, 000 for either N1,400 or N1, 500, thereby making life difficult for the people, who have to pay to access cash for their daily transactions, especially where cash online transfers are not applicable.

Worse still, it was observed that most banks don’t have cash to dispense. Most times, the banks’ networks, for those that want to do online transactions, are slow with a lot of errors being encountered, making customers besiege bank premises from morning to night, hoping that network will be restored.

Customers, queueing up to be attended were seen in few banks that have cash to dispense. Some of them end up sleeping in bank premises so that they will be attended first the next day.

Speaking to The Guardian, a resident, Nweke Utobo, said he had to buy N30,000 with N42,000, because he needed cash to do some transactions, which he could not do through online transfers. He noted that market operators, especially those from rural areas do not accept transfers, but cash.

According to Utobo, he has spent three days without getting cash from the bank. So, he has no option than to look for where he could buy cash, not minding the cost, to enable him feed his family.

Another resident, who gave his name as Paul, said he bought N10, 000 with N15, 000, because he could not get cash from the bank after spending days in the banks premises without success.

He noted that people are passing through hell to eat, because they could not get cash to buy food stuffs, calling on state government and security agents to arrest those trading on naira.