Why we won’t accept the new naira notes – Traders

According to the News Agency of Nigeria, some traders are still refusing to accept the new naira notes as legal currency six days after they hit circulation.

On December 15, 2022, the revised N1,000, N500, and N200 notes became legal tender. The denomination notes would no longer be considered legal money by January 31, 2022, according to Central Bank of Nigeria Governor Godwin Emefiele, who made the announcement on October 26.

He claimed that the redesign of the currency was done to combat hoarding and counterfeiting.

Alhaja Sofiat Balogun, a food vendor at the Cele-Egbe bus stop in Egbe, stated that she would not yet take the new notes.

“People say that the money is not fine and they that it is not everywhere yet, I will not accept it until I see that it is fully in circulation.

“I do not want to start accepting it and when it’s time for me to spend it, it will be difficult for me.

“And secondly, I have seen on social media a video of a fake new note of N1000, this makes me even more afraid to accept it,” she said.

A fruit vendor at Nnewi Market, Egbe, Mrs. Eme Jackson, said that the notes were excessively light, which is why she had rejected the payment.

“I prefer the old notes because it is very durable, no matter how you handle them, they will still remain strong, unlike the new one.

“The moment I saw it, I told my children not to accept it, even in my absence,” she said.

Additionally, Mr. Ozuome Benedict, a phone technician, encouraged the apex bank to properly educate the public on the benefits of accepting the new notes.

“I do not have a problem accepting the new notes, the CBN should sensitize the people because so many are not aware that there’s a new note, that is why it is not accepted,” he said.

In the meantime, NAN’s visit to a few ATMs in the Ikotun, Ejigbo, and Oshodi areas revealed that consumers were still receiving outdated notes.

During a visit to one of the banks, a Teller informed a customer that she could only be paid N20,000 in new notes and N80,000 in old notes when she requested to withdraw N100,000.

However, the teller explained that she was following orders when the customer questioned why she wouldn’t totally pay her with the fresh notes.

“I’m sorry to tell you that you can only have N20.000 of the new notes. This is an instruction given to us by the CBN,” the Teller said.

NAN, however, noticed that the ATM at Zenith Bank on Eric Moore was dispensing the new N500 and N200 notes.

As they passed the N500 bill from one hand to another in admiration, some customers who were seeing the new notes for the first time voiced conflicting emotions.

READ MORE: Banks to document serial number of new naira notes during withdrawal – CBN