AFRICA ( Commonwealth Union) _ The recirculation of outdated N500 and N1000 notes by banks amid a shortage of new Naira notes, Nigerians are voicing displeasure and uncertainty. Many clients are now being compelled by the shortage to collect the old notes from commercial banks and PoS operators due to the large number of bank customers who regularly besiege banks in quest of fresh Naira notes.
One restaurant owner in Prayer City who owns two POS systems by her business expressed her discontent to LEADERSHIP Sunday, saying, “I have been selling food and drinks via transfers and by POS. But now that around 95% of my customers use POS or transfers and I am unable to withdraw cash, I need to buy cooking supplies but am short on cash. Many farmers who provide palm oil, for example, want to get paid so they can buy new goods. I believe I will have to stop selling to customers that use POS or transfers.
A man who only gave his name as Mr. Ajisola voiced dissatisfaction with the naira policy and claimed that he had gathered old N1,000 notes from the bank with others. He had been waiting at the bus stop for more than an hour without a bus conductor agreeing to take the old notes because the majority of traders and transporters do not accept them.
“I was fortunate to come across a korope bus driver who agreed to take N1000 in exchange for N500 for a N300 trip. I accepted the offer right away. I was collecting old money, a seller shouted as I approached Ketu Market. Out of the remaining N1,000 note, I swiftly spent N600 by purchasing items I didn’t actually need.
As may be noted, the Central Bank of Nigeria (CBN) has stated that it did not sanction the recirculation of the old N500 and N1000 notes despite the uncertainty caused by the rejection of the old notes, which are currently being reissued by banks due to a lack of new Naira notes. According to a number of reports published on Wednesday, the apex bank had authorized the continued use of old naira notes through December 31, 2023, in accordance with the Supreme Court’s ruling from March 3, 2023. However, referred to the story as “fake news” and urged Nigerians to ignore it and steer clear of the sources of such allegations.
