The scarcity of Naira notes has struck Akwa Ibom State, despite the Central Bank of Nigeria’s assurance that the old notes would remain valid beyond the December 31 deadline.

Reports gathered by Media Talk Africa reveal that residents, particularly traders and filling station owners in the State, are still holding onto the new notes due to the fear surrounding the Supreme Court’s order.

The Federal Government, represented by the Attorney General of the Federation, Lateef Fagbemi, has sought a reversal of the deadline order from the Supreme Court. The government cites the current economic volatility as a reason for this plea.

According to Fagbemi, complying with the deadline for the old 200, 500, and 1000 naira notes would lead the nation into another economic crisis, similar to the one experienced during the cashless policy era of the former CBN governor, Godwin Emefiele.

However, despite these efforts, some residents are already resorting to panic withdrawals in Akwa Ibom, expressing scepticism towards the federal government’s stance on the deadline.

Witnesses report that some traders, who profited significantly during the cashless policy era by selling cash to Point Of Sales (POS) operators, have begun stockpiling cash. This has resulted in major commercial banks in the Uyo metropolis limiting over-the-counter cash withdrawals to no more than N20,000.

One bank customer, identified as Koko Akpan, lamented his futile attempts to withdraw N150,000 and N140,000, respectively from two different banks to purchase foodstuff, only to be given N20,000 from each. His frustration was evident as he narrated how he had to resort to using a POS to access the remaining balance, incurring additional charges.

Speaking on condition of anonymity, a bank staff attributed the paucity of cash in the banks to declining customer deposits. They disclosed that while cash availability is limited, some banks can still pay out up to N50,000 to customers.

Voicing their concerns on a phone-in programme on Comfort FM in Uyo, a caller named Idongesit expressed disappointment in the CBN’s inability to ensure cash availability and condemned the selfish acts of individuals hoarding cash, which only worsens the plight of the masses.

Further exacerbating the issue, some POS operators in other local governments of the State admitted to purchasing cash from traders in Uyo at unfavourably low rates, in a bid to sustain their business operations due to the restriction on bank withdrawals.

Interviews with these operators revealed that they now procure cash directly from the market, rather than from banks, to circumvent the cash shortage affecting their businesses.

Amidst these challenges, a trader at Itam Market in Uyo emphasized the uncertain economic climate, urging caution by advising others to hold onto the new notes until the December deadline. He disclosed his practice of segregating old and new notes after daily sales, keeping the new ones and using the old for POS transactions, a strategy that some of his neighbours have also adopted.