Business owners, traders, and transporters in the Federal Capital Territory, Abuja, are defying the Central Bank of Nigeria’s directive on accepting old N500 and N1000 notes as legal tenders 17 hours after the bank’s announcement.
Daily Post reported that the country’s apex bank on Monday, March 13, 2023, bowed to the March 3 Supreme Court’s ruling and issued a statement that the old naira notes remain legal tender till December 31.
Investigations by Daily Post, however, found that residents of Abuja still reject the old notes.
Salisu Mohammed, a trader in the UTC Area market, confirmed that he had rejected the old customer notes.
“No one is collecting the old N500 and N1000 notes as I speak to you. If other traders do not collect the money, do you expect me to do so? I have rejected some customers today who came buying with the old currencies,” he said.
Similarly, motorists and business owners are rejecting the old banknotes at the time of filing this report.
Okechukwu Okereke, a taxi driver, told Daily Post he is yet to come to terms with CBN’s announcement on the acceptance of the old naira notes.
“As for me, I am not receiving the money. I heard depositing it at the bank is difficult, so what is the need? Only customers who have the new notes will board my vehicle. I no dey for banks’ wahala”, he disclosed.
Meanwhile, commercial banks in Utako, Jabi, Wuse, and Abuja city centres are crowded with customers, as has been the case since the beginning of the naira crisis two months ago.
Benson Dogo said he came to the bank as early as 6:30 am but still could not get cash, old or new.
Narrating his ordeal, he said: “At a point, the bank asked everyone to leave its premises. Right now I don’t know how to return home.”
Another respondent, Okoro Ndubuisi, said he almost fought the driver who brought him to work in the morning over the old N500 note.
“I told him I had the old note, but he claimed he didn’t hear me say that and insisted I must pay him with the new note. Luckily, he agreed to receive payment by transfer, which was my saving grace,” he said.
Earlier, Prof Godwin Oyedokun, a lecturer of Accounting and Management at Leads University Ibadan, disclosed that Nigerians’ compliance with CBN’s decision might take some time while Dr Muda Yusuf, Director, Centre for the Promotion of Private Enterprise, CPPC, urged the apex bank to embark on massive awareness campaign on its latest directive.
Governor Akeredolu Decries Rejection Of Old Naira Notes Following Supreme Court Order
The governor of Ondo State, Rotimi Akeredolu, has expressed his concern over the rejection of the old N500 and N1000 naira notes by Nigerians, stating that it is illegal and goes against the ruling of the Supreme Court.
Speaking during a statewide broadcast on Thursday, March 9, 2023, the governor urged Nigerians to stop rejecting the old notes and warned that anyone caught doing so would face the full wrath of the law.
“It has come to our attention that some Nigerians are rejecting the old N500 and N1000 notes, claiming that they are no longer legal tender. I want to make it clear that this is illegal and goes against the ruling of the Supreme Court,” he said.
The governor went on to explain that the Supreme Court had ruled that the old notes remain legal tender and that the Central Bank of Nigeria (CBN) had also issued a statement to that effect.
“The Supreme Court has ruled that the old notes are still legal tender, and the CBN has also issued a statement confirming this. Therefore, anyone who refuses to accept the old notes is breaking the law and will face the full wrath of the law,” he added.
The rejection of the old notes by Nigerians has become a cause for concern, with many businesses and individuals refusing to accept them. The development has led to a shortage of small denominations, as people hold on to the new notes.
The governor’s statement has been welcomed by many, who see it as a step towards addressing the issue and restoring the confidence of Nigerians in the old notes.
The Central Bank of Nigeria (CBN) has also reiterated its commitment to ensuring that the old notes remain legal tender and urged Nigerians to stop rejecting them.
The rejection of the old notes has been attributed to rumors that the CBN plans to demonetize them, which the apex bank has denied. The CBN has stated that the old notes will continue to circulate alongside the new ones, and that there are no plans to demonetize them.
The governor’s call for Nigerians to accept the old notes is expected to ease the situation and ensure that businesses and individuals have access to small denominations.
