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Confusion as traders reject old Naira notes in Lagos


CITIZENS COMPASS– There was confusion on Tuesday, in some markets domicile in Lagos as some traders suddenly rejected the old 200, 500 and 1000 notes from customers.


Our Correspondents who conducted checks around some Lagos markets report that all was well in the morning as traders were transacting businesses with the old Naira notes but suddenly, they started rejecting the notes, thereby making some customers stranded.


At Mile 12 International Market, the notes were seen exchanging hands alongside online transactions.


Same were witnessed at Oke-Odo, Dosunmu, Idumota, Balogun, Jankara and other markets on the Lagos Island.


However, the smooth transactions were disrupted in the afternoon when some traders seized to accept the old currencies.


This resulted in argument among the traders as some stood for and some against transacting businesses with the old notes.


Some traders argued that rejecting the old Naira notes will amount to poor patronage as the redesigned Naira notes are very scarce at the moment.


At Dosunmu, a mobile traditional banker was seen carrying out her duties as some traders praised her for accepting the old Naira notes and she jokingly told them that her business may be at risk if she did not accept the notes.


According to her, the redesigned notes are yet to be fully circulated and should she wait for this, she may lose many customers.


“I called my bankers to find out if they are still accepting the old notes but they responded in the negative and told me to do same.


“However, should I stop accepting the old notes, where are the new notes to replace them with ?


While the traditional banker was accepting the old notes, some traders rejected them from customers.


Aside the markets, some business owners on the streets were seen rejecting the old notes but some accepted them.


Some Point of Sales operators have stopped accepting the old currency as legal tender.


Some WhatsApp users sent messages to their contacts thus, ” Good Evening My People, This is to Bring to your notice that Many Banks have Stopped Collecting the Old Naira Notes Today being Monday 13, of February 2023.


“I went to GTB to rectify something & They said it, I have called my UBA Account Officer. This Evening & she Confirmed it. My wife has also called her Access Bank Account officer who also said the same .


So please Endeavor to send your old notes to any bank that is still collecting tomorrow morning if there is any Because The money is no longer legal tender.


Traders, transporters accept old naira notes despite deadline
Traders, transporters accept old naira notes despite deadline
By Hope Moses-Ashike on February 14, 2023.


On Monday, traders and transporters in Lagos were still accepting the old naira notes on despite the expiration of the February 10 deadline set by the Central Bank of Nigeria (CBN).


However, the best changed on Tuesday, as some of them made a U-Turn by rejecting it.


Some traders who spoke with our Correspondent said that they took the decision because some banks and filling stations have been rejecting the old notes.


Many Nigerians have expressed concerns over the confusion surrounding the deadline for the old notes following the order of the Supreme Court that restrained the federal government from banning the old naira notes.


A source close to the CBN said while they are waiting for the Supreme Court verdict on Wednesday, the N200, N500 and N1,000 notes temporarily remain legal tender.


The Supreme Court had last Wednesday suspended the February 10, 2023 deadline for the use of the old N1,000, N500, and N200 notes.


Nigerian banks are sticking to the February 10, 2023 deadline for the phasing out of high-value naira notes. They issued notices on Friday to their customers regarding the expiration of the deadline.

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