… Lagos, Abuja, Ogun residents accept new, old notes
By Grace Kehinde and OpeyemiAbolarinwa, Osogbo
Lagos State residents Tuesday began to accept the old N200, N500 and N1,000banknotes for transactions, following a validation from the Central Bank of Nigeria (CBN) to do so.
The development followed the CBN directive in a statement signed by its acting Director, Corporate Communications, Isa AbdulMumin, Monday night to commercial banks to comply with the Supreme Court judgement of March 3.
CBN said: “Accordingly, the CBN met with the Bankers’ Committee and directed that the old N200, N500 and N1,000 banknotes remain a legal tender alongside the redesigned banknotes till Dec. 31.
“Consequently, all concerned are directed to conform accordingly.
A visit by our correspondent to some commercial banks, markets and filling stations in Lagos revealed that traders had started accepting the old Naira notes and also giving it as change.
The correspondent, however, observed that while traders and residents of the state have fully complied to transact with the old Naira notes, some banks were yet to start dispensing both the old and new Naira notes.
People were seen in large numbers at the entrance of some of the commercial banks visited around Iyana-ipaja, Ikotun, Ikeja,,Oshodi and other areas of the State with a hope to get cash.
However, a bank official, who preferred anonymity, claimed that they did not have both the old and new Naira notes in their custody to dispense to customers.
“We do not have money to give our customers, that is why we are not paying cash.
“We are hopeful that we will get money from the CBN, following the directive,” the official said.
A bank customer, Gift Amomo, expressed worry, saying that the cash crunch still persisted, in spite of the CBN’s directive on the recirculation of the old Naira notes and willingness of the public to accept it.
Amono said: “I just entered the bank but was I told that there was no cash. Both the old and new Naira notes were not available for us to collect.
A PoS operator at Isolo, Funmi Gbadamosi, said that she was yet to be to collect cash from banks to facilitate her business but had started collecting the old notes as directed.
Gbadamosi said: “there is still so many queues at the banks and many of the banks were not paying yet.
“Although, we have started collecting the old Naira notes, we are yet to get them easily from the banks.
Taiye Aibor, a trader at Ipaja Market, said that both sellers and buyers in the locality had started collecting the old noted since they heard of the CBN’s directive.
“We have started collecting the old Naira notes since yesterday evening that we heard of the CBN’s directive, and we have been buying and selling with it,” Aibor said.
In his view, Boniface Arinze, an entrepreneur, urged the CBN to ensure supply of money into the circulation, saying that “we are tired of going back and forth”.
“I will suggest for us to have access to money, CBN should set up a merger with government agencies like non-interest banks, discount houses, finance companies, among others, to ensure banks comply with the order.
”Also, compliance should be seen in dispensing cash; both over the counters and ATMs.
“More so, CBN needs to ensure banks accept the notes in return too,” he said.
Christian Friday, a patent drug store owner, said if the old notes had not been destroyed as insinuated in some quarters, the apex bank should ensure that the banks comply in totality.
“Is it that CBN didn’t confiscate the notes and they were not also burnt as people say?
“If this was not the case, then why did it take the banks so long to accept this?
“All the same, CBN should make the money available to banks and put strict measures in place to ensure that they pay and also collect it back when customers come to deposit,” he said.
Inyang David, a carpenter, expressed joy over the declaration of the old Naira notes as legal tender till December.
He, however, said that he wished the banks would begin to pay the banknotes without delay.
Meanwhile, a visit to some of the markets around Ikotun-Egbe, Liasu-Council and Egbe-Idimu, showed traders have fully complied to the order.
Traders, selling goods to customers at exorbitant value before the CBN pronouncement, were seen selling at the actual price.
There was a sigh of relief in the market as more people were seen buying and paying with cash, while some were engaging in electronic transfers.
Few PoS operators were seen giving out the old notes to customers at the actual fee of N200 per N10,000 and N100 for N5,000.
Similarly in Abuja, residents of the Federal Capital Territory (FCT), have heaved a sigh of relief following pronouncement by the Central Bank of Nigeria (CBN) on validity of old N500 and N1,000 notes.
The residents, who spoke with our Correspondent in Abuja Tuesday, said the pronouncement as well as President Muhammadu Buhari’s comment on the matter had allayed people’s fears.
Yunusa Abdullahi, a businessman, said the statement from the apex bank had laid to rest controversies surrounding acceptance and otherwise of the old notes.
“We were not collecting the old banknotes in spite of Supreme Court Order because we were waiting for either the president or the CBN governor to react.
“We were afraid of accepting the notes because we heard commercial banks were not accepting them.
“Since it is now clear that they have spoken, we will begin to accept them.”
Rosemary, a public servant, said she would go to the market with some old notes in her possession at the close of work.
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According to her, it will go a long way in reducing the stress Nigerians have been going through since the implementation of the naira redesigned policy.
“I have about N5,000 of the old notes and I am happy that they are still valid.
“I had gone to the market with the money following Supreme Court ruling but the notes were rejected when I wanted to buy some food stuff in the market.
“So, now that the CBN has given directive, it is a relief to many people,”she said.
Bisi, a mother of three, said the CBN should go beyond the pronouncement, to making the old notes available to Nigerians.
She said if the notes were not made available, the Naira crisis would still linger, adding that “availability of the notes is paramount.”
She said she was looking forward to seeing less queues in banking halls and Automated Teller Machines (ATM) points.
In Osogbo, Standard Times Correspondent who went round the city to see the level of compliance between Bank officials and people reported that people are still afraid to collect the old note despite the CBN’s directive.
Standard Times recall that the issue on this old currency slashes redesigning has rented the air for a couple of months ago.
There have been issues of Banks dispensing the old notes from their Automated Teller Machines, ATM and if the affected customer went in to the bank to deposit it immediately after, since it’s not acceptable in the town, Bank officials ignore such customer to his or her fate.
A visit to some Banks in Osogbo metropolis showed that despite the new information from the CBN governor, people are still afraid of collecting the old notes as a means of exchange for goods.
A fruits seller who sells varieties lamented that she has recorded loss in the past few months as her source for goods in the neighoring villages accept cash payment.
She added that most of her customers requested for transfer methods but she cannot accept it due to circumstances surrounding where she gets her goods, thereby, most of her fruits get rotten after some days.
Another woman who spoke anonymous said she cannot eat what she likes. She fed on anything available as some traders refused to accept transfer due to dwindling of networks.
It was also gathered that even people without money in their Bank accounts hide under this cover of frustrating network which had also affected sales and putting most traders on credit.
However, Nigerians have appealed to network providers to strengthen the level of networks in Banks as it is the last option for those who cannot withstand the queues in Bank premises.
They also implored the Central Bank Nigeria, CBN to make the new naira notes more available and accessible as they doubt common people are not having the old Bank notes in their custody.
In Ilorin Kara State, residents 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.
Kazeem Ishola, a Businessman told our Correspondent 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.
