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Commercial Drivers, Traders, Rejecting New Naira Notes In Osogbo – Findings

  Kazeem Badmus FEW weeks to the deadline for the old naira notes to phase out of circulation, some traders and transporters in the State of Osun were still rejecting the new notes for business transactions, findings have revealed.  The redesigned N1,000, N500 and N200 bills became legal tender on December 15, 2022, while the…”
Yusuf
January 20, 2023 5:31 pm

 

Kazeem Badmus

FEW weeks to the deadline for the old naira notes to phase out of circulation, some traders and transporters in the State of Osun were still rejecting the new notes for business transactions, findings have revealed. 

The redesigned N1,000, N500 and N200 bills became legal tender on December 15, 2022, while the old notes would cease to be legal tender by January 31, 2023, according to the Central Bank of Nigeria. 

OSUN DEFENDER reporter who went round Osogbo yesterday to monitor the circulation of the new naira notes noticed that some traders and commercial transporters were rejecting them on the basis that they were afraid of being scammed with the redesigned naira notes.

It was noted that the traders in particular were afraid of collecting the new naira notes because of the fear of being a fake money.

A minibus (Korope) driver, Ademola  Olaitan, who rejected the new note as transport fare from our reporter, said he would only accept the new notes when the old ones are out of circulation. 

According to Olaitan, counterfeit of the new naira notes is in circulation, a situation that leads to his decision not to accept them. 

He said: “I will always ask my passengers if they want to pay me with the new naira notes to avoid unnecessary rancour because I don’t accept it.

“There are a lot of fake new naira notes in circulation and someone like me who can’t differentiate between the fake and original one needs to be careful.

“I’m not saying I won’t collect it but I will only do so when the old notes are no more in circulation. By then, even if I got a counterfeit one, I can also spend it for another person”.

A trader at Akindeko market, Mrs. Blessing Adeshina, said she was rejecting the new notes because they wash off quickly. 

Adeshina who said she once accepted a new N1000 note from her customer added that the money changed colour when she mistakenly dropped it into water. 

She said she couldn’t spend the note again because people were rejecting it due to its new look.

“The money is not fine and it is not everywhere yet. I once accept the new N1000 naira note but unfortunately, I dropped it in the water. Since then, I have not been able to spend it because it changed colour. 

“That is why I’m not going to accept the notes again. I prefer the old notes to the new ones and I wish we will continue to spend the old note”.

 

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