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Old Naira Notes: Business Operators In Edo, Delta, Bayelsa, Happy With CBN’s Compliance
Published Mar 23, 2023 IN News, Business,
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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. 

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