Compliance remain slow as banks, Nigerians endure circulation of naira notes

E don pass 24hours wey di Central Bank of Nigeria (CBN) announce say dem don comply wit di Supreme Court ruling wey bring back di old N1000, N500 and N200 naira notes as legal tender till 31 December, 2023.

While some pipo dey spend di money easily for some states and places, di tori different for oda states and places too.

Some Nigerians wey comprise of workers, traders and oda business pipo from different parts of di kontri follow BBC Pidgin tok about compliance since on Monday.

How compliance be for some states

For Kano state inside northwest Nigeria, many pipo dey fear to collect di old naira notes despite CBN statement on di mata.

Some traders wey speak to BBC News Pidgin tok say dia fear na becos say if dem accept di old notes e fit become problem wen dem enta market to buy.

Abubakar Medile na bread seller and e yarn say e neva begin dey accept as e dey wait to see how tins go pan out.

“For now I no dey collect am because on a daily I dey return money to bakery pipo and dem neva begin dey accept di old notes.

“But my hope be say in di next coming days pipo go begin relax and accept wetin CBN tok to continue make use of di old notes but for now na No.”

Aminu Danyaro wey dey sell drinks tok say e collect two N500 old notes on Monday but fear still dey im mind as pipo wey come buy from am no gree collect am as change later.

“Two pipo bring old N500 notes come my side yesterday i colet am but i dey fear especially after I offer am as change to some pipo and dem reject am.”

“I go carry di money go market to see whether dem go colect my hope be say in di next few days pipo go begin accept am.”

Pipo for Port Harcourt don begin accept and use di old naira notes transact business afta Central Bank of Nigeria CBN give di go ahead as dem comply wit di Supreme Court order.

Although some pipo observe say some PoS operators dey give different charges for di old and new naira notes.

While some dey charge as low as N200 for N5000 for old notes, dem dey take as much as N1000 for N5000 new notes.

Dem dey ask for goment to look into di mata so dem go get di same charges for both old and new naira notes.

For Lagos, few banks don begin issue di old 500 and 1000 naira notes. Dat na di situation for some locations for Ogun state wey our reporter visit.

Crowds still dey gather in front of some commercial banks for di southwest region.

Some come to collect cash while some come to rectify some failed online bank transactions.

For some markets, most traders don dey collect di old notes while some still dey fear to collect am.

Some traders complain say if dem collect di money dem no dey fit spend am as some never still dey collect am.

Transporters for Lagos begin collect di old notes on Tuesday once news of di CBN directive begin filter into town.

Our tori pesin sight commercial bus driver wey dey use PoS machine dey collect fares from passengers and dey also sell di cash to pipo wey need am as scarcity of cash dey ground.

'We wan hear from President Buhari'

For Abuja di Nigeria capital some pipo don begin accept am but most pipo still dey reject di old notes.

Dem tell BBC Pidgin say even though CBN don say na legal tender till 31 December, 2023 dem no go accept am untill dem hear am from President Muhammadu Buhari mouth as im use tok di N200 notes own.

"We wan hear directly from President Buhari first, wen im extend di N200 naira notes till April , im tok am for Presidential Broadcast, we watch am for TV we hear am for Radio too, na so we expect am to use tell us dis one too" di traders for one market for Abuja chorus.

Some passengers and bus drivers insist say na only di new notes dem dey accept as dem no trust di system again.

Dem also complain about di stressful process to deposit am back for bank.

"I dey announce am to all my passengers, anybody wey no get new money come down, I no dey cari, what if i collect old notes and tomorrow dem announce gain say e don expire, wetin I go do?" Di taxi driver ask.

One passenger tell BBC Pidgin say her own be say"if i give you new money, you sef go give me new money, I no go accept old money until i hear from Mr President"

Banks get enough cash to give customers?

Some bank pipo for Abuja say dem no too get plenti money for vault to give dia customers.

Dem say even di old notes sef no dey plenti to reach evribody.

"No be our fault say di money no dey enof, na wetin we get we go give out"

Manager for one of di banks for Lagos confam say dem dey dispense di old notes but add say na only 5000 naira dem dey give as dem no get plenti money.

Anoda bank confam say dem don receive official directive to issue di old notes and dem don begin issue am.

Anoda worker from one of di new banks say dem sef no get money na di same suffer all Nigerians dey suffer sake of di limited cash wey dey circulate.

Im tell BBC Pidgin say di old notes sef no plenti again as CBN don withdraw plenti from circulation.

"Plenti pipo don already submit di old notes, so old notes sef dey scarce, we just dey try bring out di few wey wey don collect before dey give pipo, both old and new notes no dey plenti, we sef we dey work for bank we no see money use like before"

Wetin Economic expert tok

As pipo still dey tink weda make dem accept di new money or not, economic expert Prof. Kingsley Moghalu don chook mouth for di mata.

Di former Deputy Govnor of di CBN lament "di terrible suffering and economic loss Nigerians and Nigeria don experience as a result of di faulty implementation of di Central Bank of Nigeria’s Naira redesign policy.

For di post wey di former Presidential aspirant make for im facebook page, Kingsley Moghalu say di "Currency functions na a core part of any central bank’s mandate," but im get issues wit two areas.

"First, di 90 day-deadline, wey I warn say dey too short to be effectively executed. Second, na di timing, so close to di elections".

Im say di purpose of di policy no dey too clear as dem dey change am upandan.

"In one breath dem say na to reduce di money supply and help tame inflation. Next, dem say na national security measure to halt kidnapping, naira hoarding and sundry crimes.

Den, next, na about “free and fair elections “ to stop vote-buying.

"While increasing digital payments, anoda purported goal of di policy dey good dem fail to consider di reality say payment infrastructure neva balance well for many rural areas of our kontri, as cash remains king, we dey cari on as if to use cash now don become crime for Nigeria.

Govnors of about ten states for Nigeria bin tell residents to continue to spend and accept di old notes.

Pipo bin expect say di situation go change sharp sharp afta CBN comply with Supreme Court judgement but no be so e be across di kontri.