A large crowd has gathered at the Central Bank of Nigeria (CBN) office in Marina, Lagos, as Nigerians attempt to swap old N500 and N1000 notes for new currency, following the presidential directive from President Muhammadu Buhari.
In his national broadcast, President Buhari had declared that the old N500 and N1000 notes were no longer legal tender and ordered that they be taken to designated locations or the CBN for exchange, News About Nigeria reports.
Despite the directive, criticisms have followed from some governors of the ruling All Progressives Congress (APC). Governor Nasir El-Rufai of Kaduna state has stated that the old N500 and N1000 notes remain legal tender in his state until the Supreme Court rules otherwise.
This situation has led to a struggle for officials to control the crowd at the Lagos CBN office. They have even suggested that depositors take their old notes to their commercial banks, but this was rejected by the people.
Social media users have reported long queues, with some people stating that they arrived at the CBN office as early as 6 am and were still waiting in long lines.
Many people have also expressed difficulty in generating the code needed for depositing money on the CBN website. Despite this, officials are still urging Nigerians to adhere to the presidential directive, as it is crucial to the economic growth and development of the nation.
The situation at the CBN office in Lagos highlights the need for the government to put in place more effective strategies for currency swaps and to ensure that the public is adequately informed about such policies. It is also important for the government to address the concerns of citizens and take their feedback into consideration.