BY OUR CORRESPONDENTS

Long queues of bank customers have persisted at most Automated Teller Machines ATM across the Lagos metropolis despite Sunday’s extension of the old naira swap deadline by the Central Bank of Nigeria CBN from January 31 to February 10, 2023.

Our correspondents, who visited some commercial bank branches on Lagos Island, Apapa and parts of the mainland, report that there were long queues at most banks’ ATM machines, especially the very few believed to be dispensing the new naira notes.

According to the reports, many banks’ ATMs were also not able dispense the old or the new naira notes, an indication that the new notes are still in very short supply.

It was further gathered that the situation was made worse by the fact customers, who decided to enter the banking halls in their desperate bids to get the new notes were told that they were not available and that many of such customers were reluctant to collect the old notes.

The Correspondents also report that bank customers in sub-urban parts of Lagos State and even some border communities in Ogun State were even worse hit by the scarcity of the new notes, given that most of the ATM machines in such communities are not within the branch of any bank. They also lamented their inability to collect the new notes from such ATM machines, most of which could neither dispense the old nor the new notes.

A bank customer, who was simply identified as Paul said: “I have visited all the ATMs in this our neighbourhood and no one is dispensing cash; whether the old or new notes.  The situation is even worsened by the fact that there is no one to ask questions since there is no branch of any of the banks that own the ATMs here, we are just left in the dark.

“Another dilemma for is here is the increased transport cost associated with the scarcity and the attendant high cost of petroleum products, especially the Premium Motor Spirit PMS, called petrol and Automotive Gas Oil AGO also called diesel, should one decide to go the urban cities, where most of the bank branches are located.

Some that tried it regretted because apart from spending huge sums of transport, they also spent several hours on traffic due to the long queues at the petrol stations struggling to buy products and yet could not collect the naira notes whether old or new.”

Recall that the governor of the CBN, Godwin Emefiele had on Sunday in a statement, announced the extension of the deadline for the exchange of the old naira note for the newly redesigned banknotes from January 31- February 10, 2023.

The apex bank disclosed that its decision to extend the deadline by seven days was to allow for the collection of more old notes.

He disclosed that the regulatory hank had sought and obtained approval by President Muhammadu

For a 10-day extension of the deadline from January 31, 2023, to February 10, 2023; to allow for collection of more old notes legitimately held by Nigerians and achieve more success in cash swap in our rural communities after which all old notes outside the CBN losses their legal tender status.

“Our CBN staffers are currently on mass mobilisation and monitoring together with officials of the Economic and Financial Crimes Commission EFCC and the Independent and other related offence Commission ICPC will work together to achieve these objectives.

We also received approval from Mr. President for a seven-day grace period, beginning on February 10 to February 17, 2023, in compliance with sections 20(3) and 22 of the CBN Act allowing Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its legal tender status.

“We, therefore, appeal to all Nigerians to work with the Central Bank of Nigeria to ensure a hitch free process for the implementation of this very important programme.