CBN deadline on old naira notes, how businesses dey respond and wetin you need to know

Some businesses for Nigeria don start to dey reject old naira notes despite say Central Bank of Nigeria say na January 31st 2023 go be deadline for di old notes.

Dome of di businesses explain say di reason dem wan stop collection of old notes early na because say dem no wan miss di CBN deadline if dem continue to collect old notes from dia customers.

Dis na as CBN never tok about any extension of di deadline even as calls to extend am dey come from some quarters.

One of di businesses na Aftex printing company for Kano wey dey northwest Nigeria and according to notice wey don put out na from 21st of January (Saturday) dem go stop to collect old notes.

Oda shops also for di Kwari textile market wey be one of di biggest for Africa don already inform dia customers of similar action.

Alhaji Nasiru Mato na chairmo of Potiskum traders union for Yobe state (North east Nigeria) and for im Facebook page bin announce say all im members don agree to stop collecting di old notes as from 27th of January 2023. (four days before CBN deadline).

For Lagos state wey dey southwest Nigeria, one parent tok say di school of im pikin don send am message say from 25th January, dem no go collect old notes again but only new notes or transfer.

'Scarcity of new naira notes'

Meanwhile, some Nigerians dey complain say di new naira notes neva still boku and neva dey circulate wella.

Naziru Medile, one POS shop owner wey dey stay Kano state tell BBC Pidgin wen we tok am say like most Nigerians, na just foto of di new naira notes e see for social media but neva use im hand touch am.

Naziru yan say customers dey ask am for new notes wenever dem come collect money but e dey tell dem say im too neva see or touch am uptil now.

“E dey somehow for customers to dey ask of new notes for me to dey tell dem say I neva see or touch am, for my mind I dey even doubt if dis new notes na for real.”

“Anoda tingwey dey disturb my mind na say POS like me dey withdraw huge money keep for pipo to come withdraw from us and e fit lead to huge losses for us when old notes deadline expire since na old notes we get uptil now.

Naziru beg goment through Central Bank of Nigeria to make di new notes to circulate well and available for pipo to use.

Chinye Vincent wey be shop owner for Port Harcourt also chook mouth for di mata.

She say di new notes dey very scarce and wen dem go withdraw money from ATMs, dem still dey dispense di old naira notes.

She add say as she get POS machine, dem dey encourage customers to pay with dia ATM cards with di POS machine and also encourage pipo to do bank transfers as anoda alternative.

"But some pipo still dey come buy small small tins wey no need transfer so we still dey collect di old naira notes wey dem dey bring.

Maybe by next week, we go see how e go be but I tell you say di new naira notes dey scarce.

By dis time we expect say e go dey evriwia but na do situation we see so, e no dey common." She tok.

No plan to change di 31st date deadline - CBN

Umar Ibrahim Biu na im dey head Central Bank of Nigeria office for Kano and for interview e tell BBC say 31st January 2023 remain di deadline as dem announce earlier and no plans to change am.

Mallam Umar also tok say new notes dey on ground and some banks no dey come collect am.

“We send banks information say make dem tell us di amount of new notes dem want us to dey put for ATMs for day to day use and na wetin we dey implement.”

“But at di same time, we dey get plenti complains say pipo no dey get di new money from banks and na why we begin investigate we come find say some banks no dey give out di new notes wey we give dem.”

Di CBN oga also confam say dem dey aware say some banks dey also mix di new notes with old notes wey also dey wrong.

E also yan say no reason for CBN to extend di 31st January deadline for old notes since for dia side dem sure say new notes full ground.