Exploitation At CBN As Nigerians Struggle To Swap Old Naira Notes

Some Nigerians seeking to deposit their old Naira notes at the Central Bank of Nigeria (CBN) have revealed how yet-to-be identified persons are taking advantage of crowding at the old FCT branch of the apex bank to exploit them.

In a bid to generate the ‘Tracking Reference Number’ required for deposit of old Naira notes at the CBN, some FCT residents told THE WHISTLER that they had to pay as much N3,000 to suspected racketeers hanging around the old CBN as ‘service fee’.

Following the expiration of the February 10 deadline fixed by the CBN for withdrawal of the old Naira notes, persons still in possession of the old notes have been asked to deposit them at the apex bank for a swap with new notes.

The process requires such persons to generate the tracking code through a dedicated CBN portal to be able to swap their old notes with new ones.

THE WHISTLER visited the venue of the naira swap at the old CBN office in Garki, Abuja, where some FCT residents lamented activities of those using the situation to exploit members of the public.

Some of them claimed that they have been visiting the CBN for the past two days without making headway despite leaving their houses as early as 5 AM to queue at the venue for the currency swap.

Our correspondent reports that over one thousand people were seen trying to deposit their old Naira notes at the CBN office in Garki on Thursday.

The alleged exploitation was taking place despite the presence of security personnel and members of staff of the CBN at the venue.

Speaking to THE WHISTLER, one Miriam Dusa said, “I have been coming here since yesterday, I’m not hopeful they will attend to me today because my number is 637. The good thing is that the CBN staff are not biased with the process.”

On her experience generating the TRN code, Dusa said, “for me it was easy because I used my phone but people who are not computer literate are faced with exploitation from people who can do it.

“A woman was charged N2500 just for the reference number, and one other man paid N3000 for the number. The guy was busy exploiting people that can’t do that by themselves.

“Apart from the stress, people are stealing from others. A man today lost N96,000 and a woman lost about N32,000. That’s why the policemen have been parading round the place because some come here to pickpockets.”

Another depositor who spoke on the condition of anonymity said she paid N1,500 at a business center to help her generate the TRN (Tracking Reference Number).

One Peter Ugochukwu, while narrating his experience, said, “Today the CBN staff and policemen are trying but yesterday was hectic, it was so confusing for the CBN staff. I’m very happy about today because they are trying to organize things. In fact I’m enjoying it today, just that people are trying to manipulate the process and I don’t want that to happen, and that was why I kicked against it before the police men intervened.

“I’m not bothered even though my number (377) is still far, and they’ve only attended to just 177. Although they said they will only attend five hundred people today.”

Before now, the CBN gave a deadline of January 31 for the old N1000, N500 and N200 to be deposited at commercial banks, but later extended it by ten days to February 10. An additional seven days grace period was given to persons who couldn’t deposit their old notes at the commercial banks to do so at any CBN branch.

On Thursday (today), President Muhammadu Buhari during a live TV broadcast declared that old N1000 and N500 notes ceased to be legal tenders but approved the recirculation of old N200 notes for sixty days to cushion the effect of the Naira redesign and cash swap policy on the masses.

He said, “I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from Feb. 10, 2023, to April 10 2023.”

The CBN also denied reports that it restricted Nigerians intending to deposit the old N1000 and N500 notes via the apex bank.

Speaking to THE WHISTLER, the CBN spokesperson, Osita Nwanisobi, debunked reports that customers protested at the Garki office of the bank on Wednesday over the issue.

Nwanisoba stressed that there were currently no restrictions preventing members of the public from depositing their old Naira notes at the central bank.