Traders in Rural Areas Reject New Naira Notes in Niger State

• With few weeks to the final withdrawal of the old naira notes from circulation, some traders are already rejecting the new ones
• In Niger state, traders in urban areas say their colleagues in rural places reject the notes when they give it to them
• The CBN, however, says the situation will soon change, revealing that banks and ATMs will start dispensing new notes in no distant time

Minna - A report by Vanguard newspaper indicates that most traders especially in the rural areas of Niger state are rejecting the new naira notes for business transactions.

To curb the trend, the Central Bank of Nigeria (CBN), Minna branch led by the Niger branch controller, Ademola Mohammed Saheed embarked on a sensitization drive on the new naira notes to the traders at the Ultra Modern Kure Market in Minna on Monday, January 9.

Read also

Again, CBN defends decision to redesign naira notes as traders continue to reject it few days to deadline

The traders, however, revealed that transactions with many traders especially in the rural areas had been very difficult because they are refusing the new notes from them.

They also said banks and ATMs across the state are still dispensing the old banknotes thereby forcing them to be transacting their businesses with the old notes.

One of the traders, Yusuf Mohammed said:

“Those in the rural communities are not aware of the new banknotes and the deadline and they are not even collecting the new notes from those of us who are privileged to have them. I think there is a need for increased sensitization of the new notes to convince them that they are legal.”

Speaking in the same vein, the Market Woman Leader, Rebecca James also lamented that the traders have refused to collect the new banknotes when it is being given to them for goods brought thereby making business transactions very difficult.

Read also

CBN threatens to penalise commercial banks that fail to load new notes in ATMs

She said:

“Some of us are aware of the deadline but the banks and ATMs are still giving us the old banknotes. When we go to the bush markets, the villagers there are not collecting the new money.

“If you give them the new money alongside the old ones, they will pick the new ones out and tell you to change them.

“From all indications, traders in the villages and bush markets do not know about the new banknotes and they need to know. It would not be fair if they have money that they will not be able to spend or spend later for no reason of theirs but because of a lack of adequate sensitization.

“It is from these bush markets that we buy our goods and this is why we are asking that the withdrawal should be extended.”

Saheed while responding assured that there are enough new banknotes in the CBN treasury adding that banks and ATMs have started dispensing the new naira notes.

Read also

“Wahala”: Lagos landlords now refuse to accept Labour Party as tenants, Pat Utomi reveals

He said:

“For six weeks now, we have not been giving the banks the old currency. The old currency still in circulation is there because of the quantum which is so much.

“We have been giving banks new currency to dispense and we have been calling them to come and collect the new banknotes as we have them in the treasury.”

On the January 31st deadline, the branch controller said that it remains sacrosanct as there would be no extension unless the CBN governor, Godwin Emefiele, or the government decides otherwise.

Arewa youths supporting CBN cashless policy, withdrawal limits, says Shettima

Meanwhile, the national president of the Arewa Youths, Yerima Shettima, has declared that the group is backing the CBN cashless policy and the new withdrawal limits.

Shettima said his group decided to support the policy because it is for the people and will further fight off crimes.

Read also

UBA, Stanbic IBTC and other banks announce availability of new naira notes at ATMs

He also dismissed the position of some Nigerians kicking against the policy, saying it is good for the nation.

'Abuse the naira, go to jail': CBN warns Nigerians

In a related development, the CBN has issued a warning to Nigerians against naira misuse.

The old and new naira notes will be a legal currency until Tuesday, January 31.

The new notes have denominations of N1,000, N500, and N200, and the CBN wants Nigerians to show respect.

Source: Legit.ng