WHY WE REFUSE NEW NOTES – TRADERS

Six days after the new naira notes entered circulation, some traders are still hesitant to recognize them as legal tender, according to the News Agency of Nigeria (NAN).

On December 15, 2022, the newly redesigned N1,000, N500, and N200 bills became legal tender.

On October 26, the Governor of the Central Bank of Nigeria, Godwin Emefiele, revealed plans to redesign the denominated notes, stating that the existing notes would cease to be legal currency on January 31, 2022.

He stated that the currency makeover was done to prevent counterfeiting and hoarding.

Alhaja Sofiat Balogun, a food vendor at the Cele-Egbe bus stop in Egbe, said she would not accept the new notes for the time being.

“People claim 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 totally 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.

“Second, I saw on social media a video of a phony new N1000 note, which makes me even more afraid to take it,” she added.

Mrs Eme Jackson, a fruit trader at Egbe’s Ili-ewe market, said she declined the money because the notes were too thin.

“I prefer the old notes because it is really robust, no matter how you handle it, it will still be strong unlike the new one.

“I advised my children not to accept it even in my absence the moment I saw it,” she added.

Mr Ozuome Benedict, a phone technician, advised the apex bank to conduct appropriate education on why the new notes should be accepted.

“I have no difficulty accepting the new notes; the CBN should sensitize the people because so many are unaware of the existence of a new note, which is why it is not acknowledged,” he added.

Meanwhile, NAN discovered that outdated notes were still being given to consumers at ATM machines in Ikotun, Ejigbo, and Oshodi.

A customer who sought to withdraw N100,000 was advised by a Teller at one of the banks that she could only be paid N20,000 in fresh notes and N80,000 in old notes.

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

“I’m sorry to inform you that the new notes are only available in quantities of N20.000. “This is a directive from the CBN,” Teller explained.

However, during NAN’s visit to the Zenith Bank ATM on Eric Moore, the machine was dispensing the fresh N500 and N200 notes.

Some shoppers who saw the new notes for the first time exhibited mixed emotions as they admiringly moved the N500 bill from one hand to the other. (NAN)