Over the past week, customers have become increasingly frustrated by the inability of their banks to provide basic banking services, leading them to spend long hours in banking halls and at Automated Teller Machines. The customers have continued to grapple with the twin headache of unavailability of new Naira notes, which were recently introduced by the Central Bank of Nigeria (CBN), as well as the banks’ slow internet servers.
“It’s terrible, you have to queue for fuel, queue to get your PVC [Permanent Voters Card], then queue to get your own cash,” Godson Ahuchaogu, a chartered accountant, tells The Africa Report.
Naira redesign policy
The CBN had introduced a Naira Redesign Policy late last year to swap the higher denomination notes of N200 ($0.43), N500 ($1.09), and N1000 ($2.17) with new ones. The bank initially fixed 31 January as the deadline, but following the scarcity of the
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