Economy
By Kennedy Nnamani
FOLLOWING the official release of the new N200, N500, and N1,000 banknotes on Thursday, some Nigerians have expressed their mixed reactions to the acceptance and rejection of the new and old notes.
The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, had on Wednesday, October 26, 2022, announced that the issuance of new N200, N500 and N1000 banknotes would commence on December 15, 2022 and the new notes would run concurrently with the old notes until January 31, 2023 when the old notes would cease to be legal tender.
To this effect, Realnews Magazine went out to visit some branches of some commercial banks around Ikeja axis of Lagos state to witness the reactions of customers to the circulation of the banknotes.
As the commercial banks issue the new notes, the old notes are equally being issued concurrently.
Realnews observed that customers were still paid with the old notes over the counter and the Automated Teller Machines, ATM, still dispensed the old N500 and N1000 notes.
Speaking with Realnews, Opara Daniel, a young Nigerian, who withdrew old notes from the ATM, noted that he is not fascinated about the new notes and that the new notes are good.
He said that he had earlier withdrawn the new notes from an ATM and felt comfortable spending it.
“The new notes are better than the old notes in terms of beauty,” he said, but he added that it feels no different to hold and spend it.
Also, Tobi Martins, a businessman, who also withdrew the old notes from the ATM, noted that he is not surprised that he still got the old mints from the machine even after the new notes have been allowed in circulation.
According to him, nothing surprises him in the country.
“Nigeria is a country full of surprises, I expect anything. I am not really surprised withdrawing the old notes.
“In Nigeria you can wake up and hear the implementation of some policies, but I am cool with the new notes, anytime it comes, I will use it,” he said.
As for Martins James, a POS agent, he has made some withdrawals since the commencement of the issuance of the new bills, but he has not been issued the new notes.
“I have made withdrawal more than twice, I have even made withdrawal this morning, but I was not given the new notes,” he said.
Speaking on the new denominations which he has seen, James noted that he is scared of the new notes because it looks fake, although “I think it will be easier to identify the fake notes” due to the clarity of the features in the new bills.
“The new notes are not as good as the old ones. Based on what I saw and touched, if the new notes get dirty it will be irritating and it is not as strong as the old ones,” James said.
Chioma Nnaji, a petty trader, said that she prefers the old notes.
According to her, the new notes are terrible and look like what was washed in hypo bleach.
“I almost made a mistake of giving someone N500 of the new notes instead of N200,” she said.
Danladi Magaji, a Kaduna based spare part dealer who also spoke to Realnews via telephone, noted that he has withdrawn the new notes both from the counter and the ATM, however he expressed concern that the old notes are issued alongside the new notes.
“Why will they still be giving the old notes since they want them to stop being in circulation?” he asked.
In the same vein, a report from Daily Sun recorded that Leke Idowu, a university student, expressed dissatisfaction over the slow acceptance of the new notes. According to him, the driver of the bus taking him to Nyanya rejected the new notes.
“I tried spending the new naira notes today but it was totally rejected. I pleaded but to no avail. The conductor said he was not aware of the new notes. Everyone is just confused in this country,” Idowu said.
Also another depositor, Kalu Bernard, said he got some new notes but was faced with challenges spending them.
“I wanted to buy some fruits and gave it to the seller, but he said he wasn’t familiar with it.
“I argued and preached but he wouldn’t budge. It took another passerby to lend his voice before he accepted it. The people who fixed my visitors bathroom also refused the new notes. There’s so much confusion and rejection. I think the awareness on the new notes is grossly insufficient. We need more awareness,” he said.
Meanwhile, in a tweet today, the CBN has re-echoed that the new notes would cease to be legal tender from January 31, 2023.
The CBN governor had last week when he visited President Muhammadu Buhari in Daura, Katsina State, said that the central bank had retrieved over N1 trillion.
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Tags: Danladi Magaji Godwin Emefiele Kennedy Nnamani Martins James Opara Daniel
