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Business News of Friday, 10 March 2023


Women in Bayelsa state stage protest over refusal of traders to collect old Naira notes

Women in Bayelsa protesting play videoWomen in Bayelsa protesting

Women in Yenogoa, the capital city of Bayelsa state came out in their numbers this morning to stage a protest over the refusal by traders and transporters to accept the old naira notes.

The women blocked the major Melford Okilo road while chanting various slogans stating how they have been frustrated and going through hell over the refusal by traders and transporters in the city to accept the old naira notes despite the order given by the Supreme Court.

Recall that on March 3, the Supreme Court extended the validity of the N200, N500, and N1,000 Naira notes till 31 December. A seven-member panel of the court led by John Okoro unanimously directed that the CBN must continue to receive the old notes from Nigerians. The court also held that the directive of President Buhari for the redesign of the new notes and withdrawal of the old notes without due consultation is invalid.

Despite the Supreme court ruling, the Central Bank of Nigeria is yet to give a directive for Nigerians to start spending the old notes. Most Nigerians have no access to the old notes as many banks are not dispensing any notes, whether old or new.