Mixed reactions trail CBN’s directive on old naira notes in Kwara

Residents of Ilorin, Kwara State capital on Tuesday reacted variously to the Monday directive of the Central Bank of Nigeria (CBN) asking commercial banks to receive and dispense the old N200, 500 and N1,000 notes.

While the majority of the residents described the directive as a good development, others said it will only impact positively if effective and vigorous sensitisation and public enlightenment campaigns are carried out by the CBN to restore the confidence of the people who have been traumatized by the naira crisis.

Despite the CBN announcement, traders, transporters and fuel stations in Ilorin are still adamant, even as FCMB and Access banks in the state capital have started to receive and dispense the old banknotes as directed by the apex bank.

Musa Ayinla, a lawyer told DAILY POST the situation will improve if commercial banks dispense enough of the old notes to cushion the effects of the hardship Nigerians have gone through over the naira scarcity.

He further complained that Point of Sale (PoS) operators are not helping the situation with the exorbitant charges they impose on cash withdrawals by customers.

A retired civil servant, Shola Adeshina, who also described the announcement as a positive development, urged banks to make the old naira notes available if there are not enough new notes for circulation.

He particularly sympathised with the people in rural areas where there are no banking services, wondering about the negative effect of the crisis on their rural economy.

A beef vendor, Mama Aishat, complained that despite the announcement by the CBN, they find it difficult to buy cows with the old naira notes from Fulani cattle dealers, who also refuse to accept bank transfers.

The CBN and the Federal Government after 10 days of non-compliance, announced on Monday their decision to comply with the ruling of the Supreme Court, declaring that old naira notes remain valid legal tender till December 31, 2023.

Leave a Reply

Your email address will not be published. Required fields are marked *