Despite Supreme court order, Nigerians reject old naira notes, await CBN directive
By Olumide David
Nigerians have continue to reject old naira notes as the Central Bank of Nigeria (CBN) is yet to address the country, despite Supreme court order.
According to NewsDirect correspondent findings, Nigerian banks on Tuesday started dispensing old N500 and N1,000 notes to their customers but some traders and transporters were rejecting them, saying they needed to hear from the Central Bank of Nigeria (CBN) or President Muhammadu Buhari before going ahead to accept it.
A trader woman, Mrs Ayin ke Adebimpe who spoke with Newsdirect, said “I don’t collect it because where I get my goods from, they don’t collect it.
“We are waiting for the Central Bank of Nigeria (CBN) to address us if it remains legal or not before we start collecting it”.
Another business man who mention is name as Mr. Oladele, who is into accessories said he hasn’t started collecting it, but few are accepting it and also stated that the percentage of those accepting it are very low to those rejecting them.
Further stated that, until he get a right source information from radio or Tv on how the circulation is before he start accepting it from his customer, said Mr. Oladele
Traders and commercial transporters who spoke with our correspondent were demanding clarity from President Buhari or Godwin Emefiele, the CBN governor, on the issue, even as some banks have complied with the ruling and have commenced recirculating the old N500 and N1,000 notes via ATMs and over the counter.
Our correspondent in Ogun, observed that Gtbank and Fidelity Bank customers, who preferred to stay anonymous stated that the ATM’s in the banks are dispensing the Old naira, which are N500 notes only as he said”
“I won’t accept the old N500 and N1,000 because neither the President nor the CBN has made any statement since the supreme court order” a road side food seller in Ogun said”
“When they wanted to recirculate the old N200 note, the president addressed the country and made a statement. The president or CBN has to do the same thing for the old N500 and N1,000 notes before I will start accepting them,” she added.
Mr Bayo, a bus driver in Sango, Ogun stated emphatically that he do ensure he collect money from his passengers before moving an inch to avoid old notes problem as he stated.”
He further stated that the filling station and other places he do get his daily commodities are yet to accept it telling him no old notes as he concluded.”
Mrs Laide with aggression on her face said she got the old notes from one of the ATM’s and boarded a bus but the conductor didn’t accept it from her and further stated that some traders are accepting the old notes but selling their wares of a higher price, when further asked on what rate, she stated that she bought things of 2,000 and is higher to 2500.
President of Bank Customers Association of Nigeria, Uju Ogubunka said the Supreme Court is the highest court of the land and that it’s decision should be obeyed.
He said it is wise for the Federal Government or the CBN to make pronouncements to ease off tensions as he noted “There should not be confusion. If the highest court has decided that the old high-value naira notes remained legal tender until December 31, 2023, I think that is what it should be,” he said.
“The government should say something. Their silence could mean that they are refusing to obey the court of the land,” as he said
Our reporters who visited banks to make further findings noted that some bank branches in Lagos were paying customers with the old notes.
Recall that the Supreme Court had on Friday ruled that the old N500 and N1,000 notes should remain legal tender till December 31, 2023.
