Anambra residents gradually adopting cashless transactions due to scarcity

The redesigned naira notes, comprising N200, N500 and N1,000, became legal tender on Dec. 15, 2022, after they were unveiled by President Muhammadu Buhari on Nov. 23, 2022, in Abuja.

A check by NAN on Saturday at Zik’s Avenue, UNIZIK Junction, Regina, Okpuno, and Aroma areas, discovered that traders and business owners were asking their customers to pay with new notes.

It was also discovered that some of the Automated Teller Machines (ATMs) in major parts of Awka, were still dispensing the old naira notes while there were long queues at few ATMs dispensing the redesigned naira notes.

Some banks dispensing the new notes have configured their ATMs to dispense N5,000 or N10,000 per transaction.

Also, some Point of Sale (PoS) operators were still paying with old naira notes while some who had the redesigned naira notes increased their charges by 100 to 200 per cent.

Mrs Nnenna Okafor, a Cyber cafe operator at Aroma, told NAN that she already deposited all her old naira notes at the bank after spending about three hours and resolved to stop collecting old notes from her customers.

“With my experience at the bank yesterday, I cannot afford to collect old naira notes anymore. I have been asking my customer to do mobile transfer to my bank account,” she said.

Another resident, Mr. Johnpaul Ikeze, who runs a supermarket at the Regina area, said that he refused to collect old notes to avoid the notes getting stuck with him since it is barely three days to the expiration of the old naira notes.

“I’m done with the old naira notes since the Central Bank of Nigeria (CBN) has refused to extend the expiration date. It might get stuck with me and I can not leave my business to go and queue at the bank.

“Since Friday, my customers have been using debit card or mobile transfer to pay for products and it is even easier. My family has also resorted to mobile transfer if we need to pay for something,” he said.

Mrs Ego Uzoma, a civil servant, told NAN at Eke-Awka market, that she had to do mobile transfer to pay for a commodity she bought at the sum of N500 because the owner of the store refused to collect old naira notes.

Uzoma lamented that she had to pay so much per transaction for the mobile transfers.

“If not for the too many bank charges and sometimes, network problems, cashless transaction is actually easier. The few PoS operators who pay with the new notes charge N100 for new N1,000 notes.

“This is very frustrating because in Awka,, the redesigned N1,000 notes is kind of available and when you buy stuff or pay for transportation with it, they still give you old N500 or N200 notes as balance, telling you the redesigned ones are not available.

“I scrambled to deposit the old naira notes at the bank, I cannot afford to take them back and I cannot also pay extra at the PoS to get new notes, which is why I resorted to cashless transactions,” she said.

Narrating his ordeal, Mr. Eric Uzor, an Engineer, said he had to buy additional needless commodities to the tune of N1000 because he could not afford to pay for an N250 commodity using mobile transfer.

“It does not make sense to pay bank charges over N250 product. So, I had to buy other stuff to make up to N1,000. The CBN needs to do something urgently.

“They should make these new naira notes available for people to use. The scarcity has been very frustrating here in Anambra.

“They should extend the expiration date or allow the old notes to phase out gradually without any deadline,” he said.