Naira Redesign - Nigerians Lament As Banks, Motorists, Others Reject Old Notes PremiumTimesng: Nigeria
As tension continued to rise over the scarcity of the newly redesigned N200, N500, and N1,000 currency notes, commercial banks, motorists and major sales outlets across the country have refrained from the collection of old notes.
President Muhammadu Buhari Thursday announced that the CBN will extend the use of the old N200 notes. But in what analysts consider an affront to the Supreme Court, the president insisted that the CBN directive on the phasing out of the old N500 and N1,000 notes remains.On 26 October, 2022, Nigeria's CBN announced the introduction of redesigned 200, 500 and 1,000 naira notes into the country's financial system.
"On Friday, I went to see my daughter in Gwagwalada on my way back to Lugbe. The driver of the cab I entered was asking me if I had the new naira note with me. I asked him why he asked and he said he won't take me to my destination if I'm going to pay with the old note," says a Lugbe resident, Idowu Agunbiade, in an interview PREMIUM TIMES.
Similarly, a POS operator, Aina Wale, narrated how a bank refused to collect his old naira note. Mr Aina also alleged that his bank refused to collect old notes from him, noting that he is still has about N100, 000 of the old notes in his possession. "I was so surprised when my husband came back home on Monday and he said he was at the bank earlier to deposit just N10,000 and the bank refused to collect the money," she said.
However, an onion seller, Musa Abubakar, said he still collects the old notes from his customers because he does not want his onion to get damaged. "Old notes are not being accepted starting from today ," said a staff member working in the Business and Commercial Clients Unit at Stanbic IBTC Bank's Lagos headquarters.
"There are still lots of old notes in circulation apart from the ones some people have stashed away. So stopping it now and not pumping in more new notes I believe will cause a lot of pressure. Starting from Wednesday, the pressure will be so much," he explained.
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