Many business owners and customers across Nigeria have started rejecting the old naira notes for the fear of being caught up by the Central Bank of Nigeria (CBN) directive.
CBN Governor, Godwin Emefiele, had insisted that January 31 deadline remains sacrosanct for old notes.
Speaking during the recent Monetary Policy Committee (MPC) meeting which held in Abuja, Emefiele said, the CBN together with the Presidency felt that 100 days was enough for people who had old notes to deposit them in the banks.
He noted that the bank took several measures and embarked on various strategies to ensure banks remained open to accepting the old notes.
“We do not see any reason for a shift or extension because we did enough to encourage Nigerians to bring these old notes to the bank. At the initial stage, we observed that banks were paying these new notes to their priority customers and we ordered them to stop over the counter withdrawals and told them to dispense these notes via their ATMs. That worked but when new notes finished, we told them to put in the old notes to ensure that customers can still withdraw money to go about their needs.
Reacting to the development, governors as well as the senate have urged the apex bank to soft-pedal on its deadline for phasing out old Naira notes fixed for the end of January but to extend to July 31, 2023.
One Janet Aondo, who was spotted at Karu, Abuja with the old N1,000 note, said she was frustrated.
Aondo said she came out to get snacks for her children to take to school but was told that she only make payment with the new naira note or transfer.
The CBN, how do we change our own now?
Or don’t citizens in the abroad matters? pic.twitter.com/SBh4PGA2nx— 🤠🤠🤠🤠🤠🇳🇬🇬🇧 (@ScofieldOkpara) January 28, 2023
