Traders, Transporters Reject New Naira Notes 

Traders, Transporters Reject New Naira Notes 

Posted Dec 17, 2022 - 12:09PM by Gnax Oneboss 0

Tale after tale of confusion, scarcity and even rejection now surrounds the issuance of the new naira notes by the Central Bank of Nigeria (CBN).

Reports from across the country yesterday showed that some Nigerians were cold in embracing the new notes with some traders and transporters refusing to accept them.

The notes are so scarce in some parts of the country including the capital Abuja such that banks are rationing them or still issuing the old notes.

Some traders told The Nation that they would stick with the old notes for now and watch events over the next few days and weeks.

Traders in many markets in Benin said they could not vouch for the authenticity of the new naira notes with which some people wanted to pay for wares.
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Mrs. Uche Chukwuma of New Benin Market said she opted to keep collecting the old naira notes from her customers for now , to avoid regrets.

Another trader at Oba Market, Benin, Chief Ehis Osemwengie, said he decided to settle for the old naira notes, until he would be familiar with the new notes.

A Point of Sale (POS) centre operator at Mokola, Ibadan, Mr Tobi Adejare, said none of his customers demanded for the new naira notes.

Besides ,he said customers said they did not fancy the designs of the new naira notes which make it difficult to easily identify fake ones.

A tricycle rider at Sango,Ibadan, Kayode Omole said:

” I have no option than to continue spending the old naira notes pending the deadline given by CBN. I prefer the old notes to the new ones.”

A young lad hawking bananas on Gimbiya street Garki Area 11 refused to accept the new N500 note claiming that he was not sure whether it was genuine or fake.

In a viral video seen by one of our correspondents, a trader was seen rejecting the new naira note from a customer. She said the new currency is not a legal tender in the country.

Banks rationing new Naira notes in Abuja.

Investigation by The Nation in Abuja yesterday showed that banks had to resort to rationing the new naira notes.

Bank employees in the Federal Capital Territory (FCT) Abuja

confirmed to The Nation that they had received the new Naira notes but were being cautious in releasing them to customers.

The reason for the rationing, they said, was that the volume of the larger denominations of N500 and N1,000 was not enough to go round while many bank customers were not interested in carrying about large sums of money in the N200 denomination.

The bank staff said customers appeared cold towards the new notes.

A similar scarcity situation obtained in Ibadan where it was gathered that the new N1000 notes were more in circulation than the rest.

A source in one of the banks said: “The new notes are not yet enough. What has been introduced so far are the N1000 notes in most of the banks.

“Customers are not keen about getting it knowing they have till January. There is no rush. It is being rationed so as not to be concentrated in the hands of a few.”

Some residents of Ibadan called for the extension of the deadline for the change of the old to new notes.

A trader at Bodija, Ibadan, Mrs Deborah Adekitan, alleged shortage of the new naira notes and urged the government to extend the one month deadline for the old notes to be phased out.

The Director Currency Operations of the CBN Ahmed Bello Umar had said that the apex bank would commence distribution of the new notes across the country from last Thursday.

“That doesn’t mean that it’s going to be immediate for us to start distribution because we don’t want to create panic or stampede in the way people want to collect the new notes,” he said.

The CBN has already prepared the minds of the banking public by warning that when the new cash withdrawal limit policy kicks in, fewer higher denomination currencies will be in circulation while lower denominations will be more prevalent.

It was also confirmed that most banks in Abuja are yet to configure their Automated Teller Machines (ATMs) to dispense the new naira notes.

Automated Teller Machines (ATMs) still dispensing old naira notes

Investigation also showed that most Automated Teller Machines (ATMs) are still dispensing old naira notes across the country.

In Benin City, the capital of Edo State and its environs ATM machines were dispensing the old notes. Commercial banks also paid customers in the banking halls with the old notes.

Officials of some commercial banks, who loaded money into the ATMs in Benin yesterday, declined to comment on the development, while referring our reporter to their head offices in Lagos.

The situation was the same in Abia as commercial banks operating in the state were still issuing old bank notes to their customers.

Our correspondent who visited some of the commercial banks in the state yesterday reported that old naira notes were still being dispensed in commercial banks’ ATMs and over the counter by staff attending to customers who came to withdraw money in the banking hall.

This is against the instructions from the Nigeria’s apex bank (CBN) for banks to begin to pay their customers with the new notes.

Some of the bank customers who preferred anonymity told our correspondent at various banks visited, that they were disappointed that their banks were yet to adhere to the instructions of the CBN governor.

They claimed that their hope of having a feel of the new naira notes had been dashed.

Bank customers in Plateau State, were left frustrated for the second day running yesterday as most of the commercial banks in the state were still grappling with the non-availability of the redesigned Naira notes.

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