Nigeria’s New Naira: Racketeering Thrives In Abuja And Other States

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In Abuja, the nation’s capital, Lagos, Anambra and other states, black marketers were observed selling the new notes to those who could not endure the long queues at Automated Teller Machine stands.

Banks in Onitsha, Nnewi, Obosi, Nkpor, Ekwulobia and some parts of Awka in Anambra State did not open as a result of the Monday sit-at-home.

The unidentified individuals were said to have insisted on collecting N3,000 on every N10,000 withdrawal of the new notes.

Similarly, during visits to some PoS operators in Ogun and Lagos, some residents narrated how they bought the new notes from bankers and black market operators.

Pos operators are charging their customers N500 for a N5000 cash withdrawal.

It was learnt that the long queues were worsened by the ban on over-the-counter withdrawal of new notes in banks.

Similarly, Pos operators in Ilorin, Kwara State have been imposing high charges on their customers.
“EdoSeveral ATMs were not dispensing both the old and new notes in Benin City.

The customers expressed concern over the inability of the apex bank to make the new naira notes available to the banks, noting that the February 10 deadline for the swapping of the old notes may not be realistic if the apex bank failed to provide sufficient currencies to meet public demand.

“Reacting to the situation, the National President at Association of Mobile Money and Bank Agents in Nigeria, Victor Olojo, urged the CBN to do more in circulating the new currencies to address the racketeering.


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