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As Nigerians mark a week of anguish and frustration over naira swap policy, the Central Bank of Nigeria (CBN) has placed cash operations of banks on strict monitoring, as concerns over handling of new naira notes disbursed to the lenders continue.
Residents of some communities and markets in the Illela Local Government Area of Sokoto State have begun to abandon the Nigerian currency for CFA franc because of the shortage of New Naira Notes, SaharaReporters has gathered. Investigations showed that Illela, a border town with Niger Republic and of about 105 kilometres from Sokoto, capital city of Sokoto State, now has most of its traders and residents trading, selling and buying in CFA franc.
The CBN Governor, Godwin Emefiele, recently reiterated the position of the apex bank that there will be no going back on the 31 January deadline despite the hurdles Nigerians face to get the new notes.