Currency Swap Crisis Bites In Kwara As Banks Shut Down Operations

Nigerians in Kwara State have continued to cry out over the new naira note scarcity.

The crisis which trailed the currency swap across Nigeria continued unabated in Kwara State despite the Supreme Court ruling restraining the Federal government and the Central Bank of Nigeria, CBN, from withdrawing the old naira notes from circulation from February 10, 2023.

Supreme court gave the order temporarily based on an application filed by three APC Northern state governors, Kogi, Kaduna and Zamfara.

DAILY POST reports that while many banks closed down their businesses on Friday, those running skeletal services did not meet the expectations of their customers in terms of availability of cash.

Many of the banks running skeletal services still dispense very old and tattered N50 notes to customers.

Our correspondent reports that queues are still visible at some banks running skeletal services and most ATMs do not dispense the needed new currencies.

A bank customer who spoke to DAILY POST in Ilorin on Friday, lamented that though he was lucky to get to the main banking hall, on Unity Road, only N1,000 of N50 denomination was given to him across the counter on Thursday.

The naira swap crisis has also impacted negatively on small businesses, as some reject the old naira notes but other establishments like fuel stations, still accept the old notes.

Meanwhile, Governor Abdul Rahman Abdulrazaq has set up a task force to monitor the currency swap and fuel scarcity crises in the state, with Deputy Governor, Kayode Alabi, heading the team.

Governor Abdulrazaq approved the constitution of the team at a meeting of the state security council on Thursday with an appeal to citizens of the state to remain calm while the government works on finding lasting solutions to the crises.

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