The ongoing shortage of old naira notes has led to significant disruptions, prompting banks to shut down many of their Automated Teller Machines (ATMs) across Nigeria. As the January 31 deadline set by the Central Bank of Nigeria (CBN) for phasing out the old N1,000, N500, and N200 notes approaches, various organizations, including mega-churches, schools, and retailers, have begun implementing their own deadlines for the collection of these old currencies. This situation has resulted in long queues at banks, as customers scramble to exchange their old notes before the deadline.
In a bid to alleviate the challenges associated with the exchange process, some prominent churches have set early deadlines for the collection of old naira notes. For instance, the Deeper Christian Life Ministry has instructed its leaders to cease the collection of old notes by January 29, 2023, just two days before the CBN’s deadline. The church’s memo, signed by Pastor S.M. Afuwape, emphasized the importance of informing members to deposit all tithes and offerings in the specified denominations by the set date. Similarly, some provinces of the Redeemed Christian Church of God have advised their members to deposit old notes by January 26 to avoid complications during church services.
Schools have also taken measures in response to the CBN’s directives. Many primary and secondary schools have stopped accepting old naira notes, notifying parents to make payments only with the new currency. For example, Christ The Redeemer Nursery and Primary School announced that it would cease collecting old notes by January 26, while Gemstars Schools set a similar deadline, urging parents to comply with the new currency policy. Other educational institutions have issued similar notices, reinforcing the urgency of transitioning to the new notes.
Retailers are also adapting to the situation. Jumia, a leading e-commerce platform, announced that it would no longer accept old naira notes as payment starting January 30, 2023. The company communicated this change to its customers, emphasizing compliance with the CBN’s directive. The National Labour Congress (NLC) has expressed concerns regarding the impact of the new naira policy on Nigerians, particularly the poor, and has called for a review of the policy and an extension of the deadline. NLC President Ayuba Wabba highlighted the difficulties faced by citizens in accessing the new notes and urged the government to reconsider the implementation timeline.
In a related development, a law professor has filed a suit against the CBN, seeking to halt the January 31 deadline for phasing out old naira notes. The plaintiff argues that the deadline disproportionately affects rural and less privileged individuals who have limited access to the new currency. Meanwhile, the House of Representatives has threatened to issue a warrant for the arrest of CBN Governor Godwin Emefiele due to his failure to appear before the House to address the ongoing currency crisis.
As the deadline approaches, many customers across various states, including Lagos, Abuja, and Ekiti, have reported difficulties in withdrawing cash from ATMs. Long queues have formed outside banks, with customers expressing frustration over the unavailability of new notes. In some areas, ATMs are not dispensing cash at all, leading to widespread dissatisfaction. Customers have called on the CBN to extend the deadline, citing the challenges they face in accessing the new currency and the pressing need for a more manageable transition.
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