New Naira Notes: Nigerians Speak On CBN Deadline 

In six days' time, the old naira notes would stop being legal tender as the Central Bank of Nigeria (CBN) had previously announced that the stoppage of the circulation of the old notes will take effect on January 31, 2023.

AllNews Nigeria spoke with a few people who shared their opinion on the redesigned currency.

Oluwasayo, a Nigerian journalist said the new note is not bad and it is not the best.

She said, "I have seen the new 1,000 Naira note, which I believe the CBN could have done better but it is still not bad, however, it is not the best.

"Well, I feel people have a negative opinion about it because it is still new, so with time people will get used to it and it won't be a problem anymore.”

On his part, Oladimeji, a sports analyst said the redesigned currency is more of an economical approach to the naira.

"The naira redesign is not about the old notes being outdated, but I feel it is more about the economical approach to the naira compared to the looks."

He further explained that the value of the naira has been appreciating since the CBN gave the directive that all old notes should be returned to the bank for collection. 

"We can see that the value of the naira has started appreciating since CBN gave the directive that all bank notes should be deposited before the January 31 deadline.

"The naira redesign has helped the country economically because there has been less naira in circulation since the unveiling of the new naira notes.

"The idea behind the naira redesign was to get all old notes and reduce the circulation of the new notes, which led to the cash withdrawal limit.

"Therefore, the naira would become something everyone wants to have and would start appreciating in value just like the dollar.

"Personally, I like the new naira notes", he stated.

Commenting on why local traders reject the new notes, another citizen named Yusuf said, "The issue with the new Naira note is that it is confusing the local traders. 

"They do not have much confidence in the original and counterfeit notes."

He, however, said the new notes look mature compared to the old ones.

A gas supplier in Ijaye, Lagos State, Ridwan (name changed) said he doesn't accept the new notes from customers because gas station attendants won't take them from him either.

"I see no reason why I would accept the new notes from customers when attendants at the gas station won't accept it from me too."

Ola, a POS operator in Abeokuta, Ogun State, decried the limited access to the new notes, saying he has only had the opportunity to withdraw the new N1,000 note just once.

"I won't say I haven't seen the new notes but I have only had the opportunity to withdraw it just once in the bank, and that was the day I withdrew N100,000 and the cashier gave me just N4,000 of the new notes and N96,000 of old notes.

"And ever since then, I have not had any access to the new naira notes, and as we speak the deadline for the circulation of the old notes is fast approaching."

Speaking on the impact of the January 31 deadline on his business, he explained that it would have a negative effect on him.

"The January 31 deadline will really have a negative effect on my business because if I still do not have the new notes with me before the deadline, does that mean I will have to quit my business?

“Not having access to the new naira notes is not encouraging and tiring.”