NEW CBN POLICY: Our fears over new notes  — Nigerians

Business

Stories by Tunde Oso

OVER one week after the new naira notes went into circulation, some Nigerians are still reluctant to accept them.

The newly-redesigned N1,000, N500 and N200 bills became legal tender on December 15, 2022. The Central Bank of Nigeria Governor, Godwin Emefiele, had on Oct. 26 announced policy to redesign the denominated notes, saying the old notes would cease to be legal tender by Jan. 31, 2022.

Emefiele said the reason for the currency redesign was to stop counterfeiting and hoarding.

Alhaja Sherifat O. Lateef, a fashion designer at Osi Ota, Ota, Ogun State said that she fears to accept the new notes just yet.

“People say that the money is not fine and they that it is not everywhere yet, I will not accept it until I see that it is fully in circulation. I do not want to start accepting it and when it’s time for me to spend it, it will be difficult for me. And secondly, I watched on the social media a video of a fake new note of N1000 and this makes me even more afraid to accept it,” she said.

Mrs. Emmanuella Nwagbo, a food vendor in Alakuko, Lagos said the reason she refused to accept the money is because the notes are too light. I prefer the old notes because it is very durable, no matter how you handle it, it will still remain strong unlike this new one. The moment I saw it, I told my children not to accept it, even in my absence.”

According to Mr. Sunday Onye, a PR expert, “The apex bank should do a proper awareness on why they should accept the new notes. I do not have a problem accepting the new notes, the CBN should however, sensitise the people because so many are not aware that there’s a new note, that is why it is not accepted.”

Casual visits by this reporter to some  ATMs in Ota, Ogun State and some along Oba Akran and Obafemi Awolowo streets in Ikeja, Lagos, revealed that the some of the machines were dispensing the new notes of N500 and N200.

Some customers, who saw the new notes for the first time, expressed mixed feelings as they passed the N500 bill from one hand to another in curiosity. 

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