• Business - Companies
  • Updated: December 21, 2022

Traders Reveal Why They Don't Accept Redesigned Naira Notes

Six days after the new naira notes went into circulation, some traders are still rejecting it, saying they are not aware of the redesign, the News Agency of Nigeria (NAN) reports.

The newly-redesigned N1,000, N500 and N200 bills became legal tender on Dec. 15, 2022.

The Central Bank of Nigeria Governor, Godwin Emefiele, had earlier announced plans to redesign the denominated notes, saying the old notes would cease to be legal tender by Jan. 31, 2022.

Also, a bank teller who spoke with AllNews Nigeria revealed that local traders do not accept the new naira notes.

He said the reason for the currency redesign was to stop counterfeiting and hoarding.

Alhaja Sofiat Balogun, a food vendor at Cele-Egbe bus stop, Egbe, said that she would not accept the new notes just yet.

“People say that the money is not fine and they that it is not everywhere yet, I will not accept it until I see that it is fully in circulation.

“I do not want to start accepting it and when it’s time for me to spend it, it will be difficult for me.

“And secondly, I have seen on social media a video of a fake new note of N1,000, this makes me even more afraid to accept it,” she said.

Eme Jackson, a fruit seller in Ili-ewe market, Egbe, said the reason she had refused the money is that the notes are too light.

“I prefer the old notes because it is very durable, no matter how you handle it, it will still remain strong, unlike the new one.

“The moment I saw it, I told my children not to accept it, even in my absence,” she said.

Ozuome Benedict, a phone technician, urged the apex bank to do a proper awareness on why they should accept the new notes.

“I do not have a problem accepting the new notes, the CBN should sensitise the people because so many are not aware that there’s a new note, that is why it is not accepted,” he said.

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

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