Residents of Kaduna State have ignored the directives of Governor Nasir El-Rufai that they should continue using the old N500 and N1,000 as legal tender to transact their businesses.
El-Rufai, while making a state broadcast to the citizens of the state, described the naira redesign policy as a weapon by members of the ruling party and close allies of President Buhari bent on stopping the presidential candidate of the ruling All Progressives Congress, APC, Bola Tinubu, from winning the 25 February election and described it as “mindless”.
A bus driver, Mohammed Sani, told journalists on Saturday, February 18, 2023, “I cannot collect the old N500 and N1,000 notes from passengers because l cannot use the same money to buy petrol or give it to the owner of the vehicle. I only know that it is only the N200 old note that is allowed to be used as directed by President Muhammadu Buhari.”
He added, “If you go to the market, you cannot use the old notes to buy anything, neither will you accept the old notes from anybody because you cannot use it to transact any business.”
A trader at the Kaduna Central Market, Alhaji Sale Musa, said that he cannot sell anything because most people do not have the money, adding, “Nobody is willing to use the old notes or accept it any longer for any business transaction.”
He said that he would not be misled by the direction of El-Rufai, who, through a broadcast to the people of the state, enjoined them to continue using the old naira notes for their business activities.
A banker, George Stephen, explained that they are not authorised to receive old naira notes of N500 and N1,000 from customers.
DAILY POST observed the old N200 note is being used as directed by President Muhammadu Buhari, while people have refused to accept the old N500 and N1,000 notes.
It’s Final: ‘Old N200, N500, N1000 Naira Notes Have Ceased To Be Legal Tender’ – CBN Insists
The Central Bank of Nigeria (CBN) has declared that the old N200, N500, and N1000 have ceased being legal tender since February 10, 2023.
CBN had originally fixed January 31 as deadline for old notes to be in circulation but extended it in response to pressure from Nigerians.
However, before the February 10 deadline, Kogi, Kaduna, and Zamfara States approached the Supreme Court, seeking that the CBN be restrained from going ahead with the deadline.
The Court answered their prayer and adjourned the case till February 15.
However, there has been silence on the part of the apex bank since the court gave its ruling.
The silence threw Nigerians into confusion on the state of the old notes, which were widely rejected but accepted in some places.
Commenting on the development in a chat with journalists, CBN Branch Controller in Bauchi, Haladu Idris Andaza, said the old notes were no longer legal tender.
“In the last 24 hours, we have been inundated by questions from various angles of the general public about our operational guidelines on the old currency notes, be that as it may, there are so many questions here and there that people have been asking about.”
“So for the avoidance of doubt, we wish to state categorically that CBN is ready and is opened to receive all of those old notes based on certain conditions and criteria. Customers are free to come to the Bank and deposit which they cannot do at the Commercial Banks anymore because the currency has seized to be a legal tender since the 10th of this month.
“Consequently, the management of the CBN decided that those customers will have a sigh of relief by coming to the offices of the CBN in all the 36 states in the Federation including FCT to deposit their money.
“The customer has to go to the CBN portal and fill a form in the portal, there will be a form there concerning this currency redesign and exchange. After filling the form, you generate a code, you either print it or come with it in your mobile phone, give us the code and the information contained therein. In the form, you are expected to provide all the basic information about yourself, your account details, and the amount you want to deposit.”
“By the time you have done it correctly, you come to the CBN where the code will be accepted from you as well as the money, process and confirm the genuineness or otherwise of the money to avoid receiving fake notes because there are some fake notes in circulation now.”
Source: Daily Post
