FCT Residents Express Relief Over CBN's Declaration On Old Naira Notes

Residents of the Federal Capital Territory (FCT) have heaved a sigh of relief following the pronouncement by the Central Bank of Nigeria (CBN) on the validity of old N500 and N1,000 notes.

The residents, who spoke to the News Agency of Nigeria (NAN) in Abuja on Tuesday, said the pronouncement as well as President Muhammadu Buhari’s comment on the matter had allayed people’s fears.

The CBN had on Monday night released a statement in compliance with the Supreme Court Order, saying old N500 and N1,000 notes remain legal tender till Dec. 31.

Yunusa Abdullahi, a businessman, said the statement from the apex bank had laid to rest controversies surrounding the acceptance and non-acceptance of the old notes.

“We were not collecting the old banknotes in spite of Supreme Court Order because we were waiting for either the president or the CBN governor to react.

“We were afraid of accepting the notes because we heard commercial banks were not accepting them.

“Since it is now clear that they have spoken, we will begin to accept them.”

Rosemary, a public servant, said she would go to the market with some old notes in her possession at the close of work.

She said she has more than N5,000 of the old notes, a said the CBN statement was a welcome development.

According to her, it will go a long way in reducing the stress Nigerians have been going through since the implementation of the naira redesign policy.

“I have about N5,000 of the old notes and I am happy that they are still valid.

“I had gone to the market with the money following the Supreme Court ruling but the notes were rejected when I wanted to buy some foodstuff in the market.

“So, now that the CBN has given a directive, it is a relief to many people,” she said.

Bisi, a mother of three, said the CBN should go beyond the pronouncement, to making the old notes available to Nigerians.

She said if the notes are not made available, the Naira crisis would still linger, adding that “availability of the notes is paramount.”

She said she is looking forward to seeing fewer queues in banking halls and Automated Teller Machines (ATM) points.