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Nigerians Rush To Meet The Cbn Deadline For The Cash Exchange

This weekend, Nigerians from all corners of the nation will arrive upset and perplexed about the Central Bank of Nigeria’s currency reform strategy (CBN).

The public is in a panic as a result of the lack of new naira notes and the rejection of the old notes by retailers and many sales outlets starting today, despite the fact that banks are still open to accept old notes until Tuesday, January 31. The deadline is staring them in the face while they still have plenty of the old N1,000, N500, and N200 notes.

 

The exercise had caused turmoil and overworked bank employees owing to the malfunction of counting machinery in several of the locations a few days before to the deadline.

 

According to research by The Guardian, bank tellers now hand count money in bulk after counting equipment broke down under high demand, forcing many clients wait for hours in line before receiving service.

 

The health effects of manually counting mangled notes are still a problem, The Guardian learned, in addition to the fact that bank employees are already overworked. Anthony Abakpa, national president of the National Union of Banks, Insurance and Financial Institution Employees (NUBIFIE), demanded compensation for the various staff categories, particularly the bulk tellers and the notes counting officers, at the conclusion of the exercise, claiming that the situation had not been brought to the union’s attention.

 

He urged companies and bank management to prioritize employee safety by providing them with the required tools and Personal Protective Equipment (PPE), such as nasal masks and hand gloves to keep their fingers free of pathogens.

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