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Traders: We’re not accepting new naira notes because they’re light, not fully in circulation

Six days after the new naira notes went into circulation, some traders still find it hard to accept it as legal tender.

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

On October 26, CBN Governor Godwin Emefiele announced plans to redesign the denominated notes, saying the old notes would cease to be legal tender by January 31, 2023.

Sofiat Balogun, a food vendor at Cele-Egbe bus stop, Egbe, said she would wait to accept the new notes.

“People say that the money is not fine and is not everywhere yet. I will not accept it until 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 N1000; this makes me even more afraid to accept it,” she said.

Eme Jackson, a fruit seller in Ili-ewe market, Egbe, said she had refused the money because the notes were 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 properly understand 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.

Meanwhile, a visit to ATMs around Ikotun, Ejigbo and Oshodi showed that old notes were still being dispensed to customers.

On a visit to one of the banks, a teller told a customer who wanted to withdraw N100,000 that she could only be paid N20,000 in new notes and N80,000 in old notes.

But, when the customer asked why she wouldn’t completely pay her with the new notes, she (the teller) told her that she was acting on CBN’s instruction.

However, another visit to Zenith Bank ATM on Eric Moore, observed that the machine dispensed the new notes of N500 and N200.

Some customers who saw the new notes for the first time expressed mixed feelings as they passed the N500 notes from one hand to another in admiration.


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