Nigerians optimistic as CBN okays acceptance of old naira notes
By Cynthia Ezekwe
Nigerians have expressed optimism over the Central Bank of Nigeria (CBN) directive that the old N200, N500, and N1,000 remain legal tender alongside the redesigned banknotes till December 31,2023.
The apex bank, in a press release, signed by Isa AbdulMumin,the acting director, corporate communications,said it had met with the bankers committee. Following the meeting, the CBN authorised deposit money banks operating in Nigeria to accept and pay out the old notes in compliance with the supreme court judgment of March 3, 2023
In light of the above, Nigerians have expressed optimism over the apex bank directive, as they noted that economic activities will normalise to a great extent, pointing out that the cash crunch and naira swap has done more harm than good to the economy.
Speaking to Business A.M, Patrick Greg, a car dealer, confirmed his awareness of the new directive.
On his expectations following the CBN’s directive he said,”well, it is a welcome idea, the level of hardship and suffering is too much, and has gone beyond what human beings expect, so this time around, I think things will normalise gradually. So my expectations right now is for things to go back to normal, because businesses are being affected; for me as a businessman, it has affected me negatively, so I expect that things normalise very soon.’’
Greg also added that nothing good comes easy, stating that he is an advocate of cashless policy,and it is a welcome development for him.
However, he noted that he considers people who are not well enlightened to use mobile banking apps or make bank transactions online, while stating that he is optimistic that the citizens will adapt to the development very soon.
On his part, Prince, a Shawarma seller,voiced his disappointment over the CBN’s late approval,noting that a lot of businesses had been adversely impacted by the rejection of the old notes.
He, however, noted his optimism about the CBN’s directive, noting that it will create a better balance in the economy as the new naira notes in circulation are limited.
He also anticipates a positive change in the economic activities of the country, following the CBN’s approval for the collection and spending of the old notes.
Also speaking to Business A.M, Olushola Muritala, a mechanical engineer, was a bit skeptical concerning the validity of the information.
His reason being that most business people still reject the old N500 and N1,000 notes, making the whole situation a chaotic dramatic sitcom.
“Well, I am yet to confirm if it is really valid, because this morning, someone gave me this old money, and I wanted to buy some things, and I was told that they don’t collect the old money, except I will buy, and not collect the change.
Though the government and CBN has given the approval that the old naira notes remain a legal tender, I am yet to confirm it myself,” he said.
Muritala pointed out that there is a need for the government to create more awareness about the development,to ensure that people stop rejecting the old naira notes.
Speaking on the cashless policy, Muritala pointed out that there are many factors that are hindering the effectiveness of the policy which includes network issues among others. He further called on the government to utilise the right measures in ensuring the stability of online banking processes.