Why new naira notes are scarce – CBN sources
Consumers and businesses are struggling to obtain the redesigned naira notes, with many still using old notes. The Central Bank of Nigeria (CBN) began circulating new notes in December 2022, but four months later, the majority of Nigerians still cannot access them. Bank officials claim that they are disbursing what they receive from the CBN, and the new notes are not coming their way. Many Nigerians are hoarding the new notes due to uncertainty and are waiting for reassurance that they will be available beyond December 31, 2023, when old notes will no longer be legal tender. Despite an alleged N70 billion being released every day to distribute to various branches, the CBN official acknowledged that the majority of notes are old by way of strategy. The CBN will print more new notes before December to ease out the old notes.