…want CBN to speak
A good number of Nigerian traders and transporters remain skeptical about the validity of N500, and N1000 notes that were reissued into the public domain by commercial banks.
Despite Supreme Court’s ruling that both the new and old naira notes should be used until December 31, 2023, when the old notes would cease to be legal tender, many Nigerians still want to get assurance from the Central Bank of Nigeria either through public announcement or any other means of communication that it has fully complied with the pronouncement of the Supreme Court.
Some of the Pos operators refused to go to banks to collect the old notes because they fear that they may not be collected by their customers.
Their fears were, however, justified, when Business Standards on Tuesday, visited Ketu market and witnessed how some traders vehemently resisted the use of the old notes when presented to them. Some asked their customers, especially those they are familiar with to transfer the money to them either through their children’s accounts or those of their neighbours.
A trader, who identified herself as Funmilayo Aweda told Business Standards that the reason behind the rejection of the old naira notes is that, they have been hearing from the CBN, since the issue of the new Naira notes started, why is it that after the court ruling, the CBN kept quiet?.
“We need to be sure we are doing the right so that we are not caught in between power interplay among government agencies”
She said, “Ever since this naira thing started, it is what CBN says that people have listened to, and now the CBN has not said the old notes should be accepted. If I collect old notes now, I can’t give it as change because other people will reject it.”
Some commercial banks have resumed selective issuance of the old N500 and N1000 denominations to the public. They are also available at their ATM points.
The move, according to industry sources may be as a result of Supreme Court’s judgment, which extended the validity of the banknotes till December 31, 2023.
Since the Supreme Court’s ruling, no further clarification or directive had been issued by the central bank, a situation that has caused the banking public to take precautions with regard to the old notes.
Banks branches such as First Bank, Zenith Bank, Union Bank UBA and Access Bank located around Mile 12 and Kosofe area on Ikorodu road were issuing the old note on Tuesday.
Despite the efforts of the banks, scarcity of cash remained prevalent across the country as information from the upcountry is very distressing.
The movement of many Nigerians have restricted because they don’t have the cash to move around
