Posted by When Buhari and the Central Bank of Nigeria issue an order, we would accept old Naira notes – Lagos Merchants
Several Lagos traders have stated that they will not accept the old naira notes of N500 and N1,000 unless President Muhammadu Buhari issues a directive.
The traders, who spoke to the News Agency of Nigeria (NAN) separately, said they were being cautious while waiting for the Central Bank Governor and Buhari to speak on the subject.
They also stated that the Supreme Court’s deadline will allow the apex bank to manufacture enough replacement notes and distribute them to banks for citizens to utilize.
Mr Barnabas Israel, a food vendor in Ori-Oke, Ejigbo, questioned whether the old naira notes were still in circulation.
at the banks, claiming that Nigerians have already deposited everything.
“Are there any old notes left outside after everyone has deposited the one they had?
“But, no one has brought the old notes to my shop, and if they do, I would not take them because no one collects them in my neighborhood,” he explained.
Ms Paulina Akuneme, a Baker at Ili-ewe, Ikotun-Egbe, also stated in the same spirit, adding “I do not need the old notes again after what I gone through to deposit the notes the first time that the authority pronounced it had expired.
“What I expected the Supreme Court to do was force the Central Bank to create more new notes and make it available.”
People can see and use it if it is visible and accessible.
“Nigerians have progressed. “I can tell you that we will still be experiencing difficulties by December,” she remarked.
Alhaji Musa Jamiu, a yam seller at Liasu market, also stated that he would not collect the old notes unless the president instructed him to do so.
“Is it the Supreme Court that owns the Central Bank or prints the currency?” No, it is the Central Bank and the Federal Government that can do so and put it into circulation.
“As far as I am aware, the Supreme Court order is null and void unless they choose to obey it.
“Did you know that the N200 note is in circulation because the federal government and the central bank issued it?”
“Since the bank stated it should be, the notes were reintroduced into circulation,” he explained.
Remember that the Supreme Court ruled on March 3 that the old naira notes will be lawful money until December 31.
Court also declared the Federal Government’s Naira redesign program unconstitutional, calling it an affront to the 1999 Constitution.