Despite a Supreme Court ruling barring the Federal Government and the Central Bank of Nigeria, CBN, from withdrawing old naira notes from circulation on February 10, 2023, the crisis that accompanied the currency swap in Nigeria continued unabated in Kwara State.
The order was issued temporarily by the Supreme Court in response to an application filed by three APC Northern state governors, Kogi, Kaduna, and Zamfara.
While many banks closed their doors on Friday, those that remained open did not meet their customers’ expectations in terms of cash availability.
Many skeletal banks continue to issue customers with very old and tattered N50 notes.
Queues are still visible at some banks offering skeletal services, and most ATMs do not dispense the required new currencies.
A bank customer said in Ilorin on Friday that despite the fact that he was fortunate enough to get to the main banking hall on Unity Road, only N1,000 in N50 denomination was given to him across the counter on Thursday.
The naira swap crisis has also had a negative impact on small businesses, as some refuse to accept old naira notes while others, such as gas stations, continue to accept them.
Meanwhile, Governor Abdul Rahman Abdulrazaq has formed a task force to monitor the state’s currency swap and fuel scarcity crises, with Deputy Governor Kayode Alabi in charge.
Governor Abdulrazaq approved the team’s constitution at a meeting of the state security council on Thursday, urging residents to remain calm while the government works to find long-term solutions to the crises.
