HOME ABOUT US CONTACT US ADVERTISE WITH US
Thursday 23rd of March 2023 12:51:26 PM
Loading...
Breaking News
1   Ex-Terrorists Negotiator, Tukur Mamu, Arraigned         2   Naira Scarcity: FG Urged To Save SMEs         3   Polls: ICPC Officers Rescue, Arrest Suspected Vote Buyer In Issele-Uku         4   As NHRC Tells Police To Arrest, Prosecute Electoral Law Violators         5   PDP Wins Seven Assembly Seats Out Of 11 In Bayelsa        
☰

HOME / News / Business
Old Naira Notes: Business Operators In Edo, Delta, Bayelsa, Happy With CBN’s Compliance
Published Mar 23, 2023 IN News, Business,
50         0
Please Share:


BUSINESS operators in Edo, Delta and Bayelsa have expressed happiness over the Central Bnak of Nigeria (CBN)’s compliance with Supreme Court’s judgment that the old N500 and N1,000 notes remain legal tender till Dec. 31. 

The Supreme Court had on March 3 in its judgment, extended the legal tender status of the old N200, N500 and N1,000 notes until Dec. 31. 

Thereafter, the apex bank gave directive at a Bankers’ Committee meeting, that the old notes be used up until December, as issued in a statement by CBN’s acting Director, Corporate Communications, Isa Abdulmumin. 

The business operators, who said that the Naira redesign is a good idea, however, added that the implementation made many businesses to go under, while citizens suffer the cash crunch. As the search for cash to meet daily needs continued, governors of Edo, Delta and Bayelsa issued statements at different times appealing to business operators to accept the old notes as legal tender. 

The News Agency of Nigeria (NAN) reports that relief came the way of the people as CBN on Monday directed commercial banks to dispense and receive the old N200, N500, N1000 bank notes, saying that the notes remain legal tender until Dec. 31. 

Following this directive, NAN correspondents observed that socio-economic activities in Edo, Delta and Bayelsa have gradually started picking up. 

In Edo, traders in Benin metropolis expressed happiness over CBN’s compliance with the Supreme Court’s judgment and seen accepting the old notes. 

NAN checks at different banks, markets, motor parks, supermarkets and pharmacies, showed that the old N500 and N1,000 were also being accepted by traders and businessmen. 

The same was observed in Delta and Bayelsa, where traders, customers, transporters and commuters are trading with the old Naira notes. 

However, there are still long queues at the commercial banks in the states, as customers struggle to make withdrawals. 

Mr. Steve Michael, a Yenagoa-based Chartered Accountant and former banker, said “I doubt if people would readily take their funds to the bank even when the situation ends. 

“Withdrawal of the old notes would have been done gradually by the banks to reduce hardship.” 

Also, a financial expert in Edo, Dr. Sule Mammud, who said that the Naira swap had disrupted economic activities, added that many petty traders were unable to operate due to lack of cash. 

Read also
NEWS
Guber Election Oborevwori Dedicates Victory To God
Mar 21, 2023
Naira Scarcity: FG Urged To Save SMEs
Mar 23, 2023
Policemen Shot Dead At INEC Collation Centre
Mar 21, 2023
Polls: ICPC Officers Rescue, Arrest Suspected Vote Buyer In Issele-Uku
Mar 23, 2023
As NHRC Tells Police To Arrest, Prosecute Electoral Law Violators
Mar 23, 2023
PDP Wins Seven Assembly Seats Out Of 11 In Bayelsa
Mar 23, 2023
Election: Six Missing As Gunmen Attack INEC Officials In Kogi
Mar 23, 2023
NDLEA Operatives Reject N1.2m Bribe, Intercept 367kg Cannabis Sativa
Mar 23, 2023
2023 Polls: PDP Leads In Delta Governorship Election
Mar 23, 2023
We’ll Sue INEC Over Omission Of Party’s Logo — NNPP Cross River Guber Candidate
Mar 23, 2023
BUSINESS
BEDC Holds Customer Engagement Forum In Asaba
Mar 23, 2023
Airtel Introduces E-SIM Into Nigerian Market
Mar 23, 2023
Mikano Motors Debuts Maxus T60 Pick-Up Vans
Mar 23, 2023
Fuel Scarcity: NMDPRA Calls ‘Planned’ PMS Price Hike, A Mere Rumour
Mar 23, 2023
Scarcity Of Cash, Bad Network Frustrate Bank Customers In Delta
Mar 23, 2023
MTN To Boost 5G Adoption With Smartphone Financing
Mar 23, 2023
SEC Promises Better Tech Adoption At NSE
Mar 23, 2023
Burger King Expands Nigerian Operations
Mar 23, 2023
Sanlam Life Insurance Pledges Better Services
Mar 23, 2023
Comments
Make a comment