Banks Ration Old Notes Despite Cbn Directive, Slow Compliance

The number of Nigerians increased by 69.87% from 108.14 million in January to 183.69 million in February.

Although usage increased significantly, transaction value only slightly increased from N2.37 trillion in January to N2.56 trillion in February, or 7.88%. This was similar to the month-long struggle many Nigerians endured with numerous unsuccessful cellphone purchases.

As this is happening, business owners, dealers, and transporters in the Federal Capital Territory (FCT) yesterday disobeyed the CBN’s order hours after the statement from the central bank.

It was heard that Abuja people were still refusing the outdated notes. A merchant in the UTC Area market named Salisu Mohammed verified that he had turned down the old notes.