For few days , there are issues concerning the circulation of the new naira notes. people were complaining about the new note not enough in circulation. So therefore ,the
The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks to immediately stop the payment of the new naira notes to customers who are making over-the-counter withdrawals .
But it is advisable for the banks to make sure that the ATM 🏧 is loaded with the new note for easy circulation the banks Can also load their Automated Teller Machines (ATMs) with only new notes to ensure that the currency circulates across the country ahead of the January 31, 2023 deadline when the old notes will no longer be a legal tender.
Issues with the new note currency.
- Some villagers have not been accepting the new note for day to day transactions because it has not been in circulation
and for the new notes to circulate to this local areas ,more money need to be pumped in to such local banks in other for the money to become accepted by the people in the rural areas - Banks also complain of the inadequate supply of the new note as it is not enough to circulate the customers and this is the reason why they use the old notes for payments
- Also people complained about the the ink 🔏 stain of the new note on white surface
Solutions provided to the problems
1 . The (CBN) central bank of Nigeria should make available the new notes to all local banks and micro finance banks in the rural areas in other for them to have the cash been circulated among business people and individuals i guess the reason for rejecting the new note in this area is because of the fake duplicate printed notes by the people who are into the criminal acts of printing fake currency
the news had been circulated that some fake money have been printed and no one want to be a victim of receiving such money .
2 . The inadequate supply of the new note : the (CBN) the central bank of Nigeria should make available enough supply of the new notes to the banks for easy circulation to the customers according to the directives from the CBN to the banks to load the ATM with the new notes and suspend all over counter payment of the new note and make it available on the ATM machines for easy access and supply to the customers and the public.
According to vanguard source
3 . The Nigerian Security Printing and Minting (NSPM) Plc also called MINT, Friday, explained why the new Naira notes leave ink when rubbed on plain white surfaces while stressing that best international best practice was followed in their production.
In a statement on Friday, signed by NSPM’s Managing Director, Ahmed Halilu said its
been drawn to various clips, skits, concerns and comments on diverse platforms regarding the quality of the redesigned notes.
Addressing some of the popular criticisms of the new naira notes, Halilu affirmed they were of the same substrates as the existing ones and passed through the same printing processes and finishing procedures.
“It is, therefore, basically the same as the other notes in circulation,” he explained.
With this situation, answers to people criticism were been solved and the issue was calmed by the NSPM’s Managing Director, Ahmed Halilu,
However, due to the scarcity or inadequate supply of these new naira notes majority of Nigerians and many stakeholders have called on the CBN to extend the January 31 deadline as it will not be feasible for these new notes to adequately circulate around the country
Halilu further said the best international practices have been deployed in the production of the new naira notes, adding that his agency would continue to ensure that it meets international standards.
According to vanguard source
“The naira is our legal tender and national symbol. We, therefore, urge Nigerians and other users of the naira banknotes not to subject our banknotes to experiment
God bless me and God bless Nigeria
