New naira: Probe banks over scarcity, MURIC tells EFCC, NFIU



The Muslim Rights Concern, on Friday, urged the Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit to probe commercial banks over the scarcity of new naira notes.

According to Daily Post, this was stated through a press statement by the Chairman of the Sokoto Chapter of the group, Muhammad Aliyu.

The short deadline imposed by the Central Bank of Nigeria caused businesses to shut down in Sokoto, Kebbi, Zamfara, and other regions of the nation, according to the religious group.

Many businesspeople, according to Aliyu, have turned down the old notes for concern that they won’t be able to deposit them in commercial banks.

He said, “Many filling stations and other essential services providers are also closed because most of their customers come with old naira notes and they are not sure whether they can deposit same to the bank.”

He claimed that the short deadline has made life more difficult for ordinary Nigerians, who have complained about the paucity and scarcity of replacement notes.

The group urged the federal government and the CBN to reconsider their decision by extending the date for the expiration of existing naira notes by at least two weeks, allowing Nigerians to exchange their old naira for new naira notes.