News

March 15, 2023

CBN old Naira directive: Traders still skeptical on collection

CBN identifies 8 ways Naira can be abused

Some traders in various markets in the satellite towns of the FCT are still skeptical about collecting the old Naira notes in spite of Central Bank Nigeria’s (CBN) directive.

Some of the traders who spoke to the News Agency of Nigeria (NAN) at Karu, Nyanya, and Mararaba Markets on Tuesday, said they would not accept the notes for any transaction until further notice.

Mrs Beatrice Ibe, a tomatoes dealer at Nyanya Market, said she was yet to collect or accept the old notes from her customers.

“I am scared of collecting the old notes because I feel they will be rejected by the people I buy my goods from.

“Yes, I heard that the CBN has directed that we should start to spend and accept the old notes but what about the people in the villages?

“Have they also heard about it? I doubt it.

“I am waiting for other traders in the market to start collecting or accepting the old notes before I will collect from my customers,” she said.

Mr Alphonsus Iguru, another trader at the Mararaba Market, said he had some of the old N500 and N1,000 notes but yet to spend them.

Iguru appealed to the CBN to improve their sensitisation to the directive; saying that many people were yet to come to terms with the news.

“I have some of the old notes before but nobody agreed to collect them from me.

“We do not know what the CBN will say again tomorrow, so so, I don’t want to collect from people now and tomorrow, it will be another story,’’ he said.

Another trader at Nyanya Market, Mrs Philomena Joseph, said she was hearing about the directive for the first time.

“I am hearing this for the first time today because before you came, my husband called me and said he was given N3,000 of the old notes in his bank today.

“I even pleaded with him not to collect because he will not spend it,’’ she said.

NAN reports that the CBN recently directed commercial banks to dispense and receive old naira notes as legal tender across the country to their customers.

The CBN gave the directive at a Bankers’ Committee meeting, according to a statement by its acting Director, Corporate Communications, Isa Abdulmumin.

NAN also reports that the Supreme Court had on March 3 in its judgment, extended the legal tender status of the old N200, N500, and N1,000 notes  to until  Dec. 31.