Failure to access new notes forces business closures – Public analyst

Mr Ambrose lgboke, a public affairs analyst said withholding access to new Naira notes by the CBN and commercial banks has led to closure of many businesses and starvation of some families.

Igboke, who is the Chairman, Public Affairs Analysts Association of Nigeria, Enugu State chapter, said this in an interview with the newsmen on Wednesday in Abuja

He described CBN implementation of the new Naira notes policy as a clear manifestation of poor planning.

He said the policy was announced four months ago but the actual circulation of the new notes started just a month ago, and many Nigerians were denied access to the new notes.

“As of Jan. 26, ATMs and banks still dispensed the old notes even up till this moment. How does one explain a policy where old notes were returned to the banks and customers were given same old notes to circulate? It is a paradox.

“The plan to prevent corruption by politicians has been taken care of by the withdrawal limits; so why punish Nigerians?

“Many businesses have closed due to scarcity of new notes. Many families are already starving due to lack of access to new naira notes,’’ he said.

Igboke said that extension of the policy deadline to Feb. 10 did not make much difference, adding that at the moment most business outfits, and transporters among others were not ready to accept old notes as legal tender.

Supreme reports that presently, commercial banks are unable to give customers new Naira notes across the counter, while many customers are stranded trying to withdraw cash via ATMs.

The banks attributed the challenge to non-availability of new Naira notes.