News

Locals reject old naira, as scarcity of new notes hits Kaduna

Published

2 years ago

January 21, 2023

Following the January 31, 2023 deadline set by the Central Bank of Nigeria, CBN, to deposit all old notes, residents, especially businessmen and women across Kaduna State, have started rejecting the old notes for business transactions..

Residents have lamented the situation as commercial banks in the state still dispense old Naira notes. Our correspondent observed that some ATMs across the Kaduna metropolis still dispense the old notes against the directive issued by the CBN.

The residents lamented the scarcity of new notes, saying it has made it difficult for them to transact business.

According to Alhaji Ibrahim Musa, who sells yam wholesale, he loses several customers because they are unable to get new notes.

Mrs Ruth Madaki, a businesswoman, said she had closed her shop because of a lack of customers.

Miss Rebecca James, a food vendor, said several customers have started refusing to accept old currency notes because, according to them, it’s no longer accepted as legal tender.

“Each time I go to bush market, and transact business, villagers do not want to accept the old notes. But the new notes are scarce. I find it difficult to buy the quantities of foodstuff for resale,” she lamented.