Market News

By Ebenezer Adurokiya - Warri 

On Friday, a massive crowd of customers besieged commercial banks in Delta State to deposit volumes of the old naira notes in their possession ahead of the January 31 deadline.

This is just as the Central Bank of Nigeria (CBN) has intensified efforts on its “cash swap exercise” to satisfy petty traders who may not be able to deposit their old Naira notes with commercial banks.

Hundreds of old Naira notes depositors were sighted in long queues under the scorching sun in both old and new-generation banks in the twin-town of Warri and Effurun in Warri South and Uvwie local government areas of the state.

When our correspondent visited some banks on Friday, some customers were seen sitting on the floor, several in long queues waiting to be ushered into the banking halls.

Most ATM outlets of the banks along Warri-Sapele road and Effurun were not dispensing cash, just as some customers were seen keeping vigils till the machine was stocked with new naira notes.

Report Ad Report Ad A customer, Mrs. Lucy Edremude, who spoke to our correspondent in front of Guarantee Trust Bank along Effurun, said two queues of those depositing and those withdrawing were being maintained to ease the tension.

Meanwhile, Mr. Sunny Daibo, the leader of the surveillance team of CBN and representative of the CBN Governor, Godwin Emefiele, disclosed to newsmen on Friday in Effurun, Uvwie Local Government Area of Delta, that the intensified cash swap exercise was between N5000 and N10,000 per individual.

Daibo, the CBN Deputy Director of Finance, said that the exercise also encouraged those without bank accounts to open one.

The team leader, who expressed displeasure over the attitude of the people embracing the cashless policy of the Federal Government, insisted that there would be no deadline extension on the deposition of the old Naira notes.

“As of today, no going back on the January 31 deadline. Take your money to the bank and do your transaction online.

“Nigerians always wait till the last minute. This thing has been on since November. CBN says go and deposit your money in the bank. Some people will like to wait till the last minute,” he lamented.

Daibo said that the cashless policy would help in efficient monetary policy management and, by implication, the economy’s growth.

According to him, other benefits of the policy included: eliminating corruption; reducing counterfeiting; reducing criminality, discouraging stocking money at home, and others.

“There are so many advantages to the cashless policy; gradually, we will get there.

“The policy is for the benefit of Nigerians. The cost of managing currency is enormous.

“We cannot continue to do things in the old ways and expect different results. We must do something in new ways. With this policy, every Nigerian can open a bank account easily,” he said.

Daibo said that there was also a misconception that when a customer deposits a certain amount of old Naira notes, the person is expected to withdraw the same amount in the newly redesigned notes.

“If you deposit the old notes, the new cash withdrawal policy will be applied, which is N500,000 weekly for individuals and N5 million for corporate bodies.

“The people are complaining that they are not seeing the new Naira notes,” he said.

Daibo said that the sensitization team would go ahead and visit Warri North and Warri South-West on Saturday to continue the awareness campaign.

The team would also visit churches on Sundays to enlighten worshippers on the essence of the cashless policy. https://tribuneonlineng.com/cu...