By Babatunde Ayedoju.

Point of Sales Operators, POS, are complaining over poor patronage due to scarcity of the new Naira notes released into circulation by the Central Bank of Nigeria, CBN, last week.

 The POS operators said the new notes scarcity is having negative effects on their business.

 Besides, many Nigerians and bank customers were also complaining of not getting the new notes.

Almost all the banks visited last Friday and their ATMs as at yesterday across Ondo state were still dispensing the old notes to customers.

Our correspondents who visited some of the commercial banks gathered that the new notes are scarce.

Some of the banks customers in different chats with The Hope expressed their displeasure that the banks were yet to comply with the instructions of the CBN.

They said cash given to them were still old currencies which their customers have been rejecting from them.

Their customers according to them were said to be patronizing the few ones with new notes while those without new notes were losing potential customers.

A POS operator, Mr. Kolade Olawoyin complained about the scarcity of the new notes and how it affected his business negatively.

His words: “The new naira notes are not available to give to our customers at the moment. When we went to withdraw money at the bank, we found out that only a few new notes are available for withdrawals. Majority of the money given to us were still the old notes.

“The few ones I have here are just to show my customers that the new naira notes are out but they are not enough for even one customer to withdraw. Some customers will leave when I tell them that the new naira notes are not available for withdrawal. It is having negative impact on us because people don’t want to withdraw old notes that traders may start rejecting very soon.”

Another POS operator in Okitipupa, Tope Samuel said, he expected the new notes to have been given to him when he visited the bank last Friday but to his surprise, he was given the old notes.

“I visited the bank to get some money for my daily business and to get the new notes but to my surprise, I was given the old notes. When I asked the cashier, she said, the new notes were not available”.

Another person who didn’t want his name in print said, he was coming to the ATM with aim of getting the new notes but it was the old notes that were dispensed through the machine.

“I think the CBN still have to do something, it seems the notes are not sufficient,” he said.

A civil servant, Mr. Oluwadunsin Adewonuola complained that the scarcity of the new naira notes was forcing people to withdraw old notes that they will be in a race against time to return to banks very soon because of CBN’s deadline.

His words:  “I went to withdraw money today at the ATM and thought that I was going to get the new naira notes but I could not. Instead, the machines dispensed the old notes and I was surprised. I even asked my friend who is a POS operator if he has gotten the new notes and he said no.

“If the new notes are scarce in the banks and POS shops, where else will the people get them? I don’t want to withdraw old notes that nobody will want to accept from me very soon in January when the deadline for depositing them back to the banks will be very close.”

A customer from Irun Akoko, Mrs. Ope Ademulegun, who came to a commercial bank in Ikare Akoko to have a glance of the new notes said she was disappointed.

According to her she withdrew money with the hope of getting new notes but the cashier paid her with old notes.

A bank official who spoke under the condition of anonymity revealed that the scarcity of the new naira notes is expected because the availability of the new naira notes will be a gradual process that will be done alongside the evacuation of the old notes from the system.

An official of an old generational bank who pleaded anonymity while speaking with The Hope confirmed that the development  was true.

Economic experts also expressed worry over the economic implications of scarcity of the new naira notes, stressing that it may spell doom for the already dwindling Nigeria economy

Professor Olayemi Simon-Oke of the Department of Economics, Federal University of Technology Akure said CBN seems not to be ready for the new naira policy.

He noted that scarcity of the new notes will only amount to increase in hardship. “The entire idea behind the introduction of the new naira note is a good one as we are already seeing its benefits.

“Several videos of hidden old currencies have emanated some of which were rotten, the level of wickedness in this country would not have been known if not for the decision of the Central Bank to redesign the  three denominations of the nation’s currency.

“However, it seems as though CBN is not fully prepared for this new policy because it has been discovered that the new notes are very scarce and limited in circulation.

“The implication of this on the economy is that it will lead to less money in circulation and increase in hardship since CBN is collecting old notes and in return refuse to release the new notes.

“My advice is that CBN should be awake to its responsibility and work according to plan, as It has been said that beginning from December 16, ATMs will stop dispensing the old notes, but the reverse seems to be the case.”

Dr Edamisan Ikuemonisan from the Department of Agricultural Economics, Adekunle Ajasin University, Akungba-Akoko while admitting that he has not seen the new naira notes said that the scarcity was to be able to track who gets what from the source.

Dr Chris Ofonyelu from the Department of Economics, Adekunle Ajasin University, Akungba-Akoko said it could be a case of some politicians conniving with bankers to mop them for election, adding that in the long run, it could frustrate the policy.

Additional reports:

Kayode Olabanji,

Samuel Edu,

Adedotun Aderoboye,

 Kayode Afolabi

& Jimoh Ahmed