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Business News of Thursday, 9 March 2023


Abuja traders reject old Naira notes as banks continue to disperse old notes

Old naira notes Old naira notes

Traders in Abuja have been rejecting old N200, N500 and N1,000 notes in Abuja.

But banks in the Federal Capital Territory (FCT) have ramped up issuance of the old notes over their counters.

In Gwagwalada Area Council of the FCT, many traders, artisans and other informal business operators were seen rejecting the old notes.

An animal feed seller, Mohammed Abubakar, said he would not accept the old notes unless he hears directly from President Muhammadu Buhari or Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele that the old notes can be accepted.

Many bank customers were forced to return the old notes they collected to their banks.

An old bank along Ralph Sodehinde in the Central Business District paid out only N10,000 in old notes to their customer but refused to accept the same old notes when customers returned them.

A cab driver, Isa Idris, rejected fare paid in old notes.

He said it was because “President Muhammadu Buhari has not told Nigerians to accept the old notes”.