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Traders Will Not Accept Old N200 Note – OAU Don

Traders Will Not Accept Old N200 Note – OAU Don
  • PublishedFebruary 17, 2023


Kazeem Badmus

A lecturer at Obafemi Awolowo University (OAU), Ile-Ife, State of Osun, Dr. Tunji Ogunyemi, yesterday, said ordinary Nigerians, most especially petty traders, will continue to reject the old N200 notes even after the directive of the Federal Government.

The economist, who spoke on Rave FM’s ‘Frank Talk’ programme in Osogbo, said the negative impression already created when the Central Bank said the money would no longer be accepted by the banks, will not allow people to obey the directive. 

Ogunyemi who said the new naira policy was a perfectly sound economic logic, however, berated the Federal Government and CBN Governor, Godwin Emefiele, about the timing. 

He said the currency redesign was like a programmed failure aimed at some group of people.

He said: “The policy is a perfectly sound economic logic. You can’t fault the logic but what about the timing? For a president who is leaving in four months time and he is taking a monumental decision without consulting the Council of State and the National Assembly. 

“The truth of the matter is that this currency redesigning is like programmed failure. It is aimed at some group of people, so that they are so vilified and belated to the extent that their vehicles will not be usable in terms of convincing the public for anything. 

“The policy is malicious and badly timed. At any rate, even if you are taking a decision that is wrong, can you not do a reversal, especially when the National Assembly in its separate chambers appealed for a reversal?

“It is too late for the government to ask ordinary Nigerians to start accepting the N200 old note because the negative impression had already been created that the money will no longer be accepted by the banks after some time.

“That negative impression, I tell you, the man selling locust beans or the woman selling pepper in the market which accounts for 60% of the informal sector anyway, will never take that naira again. 

“If you like, go and call mobile police, they will not accept it. The damage is just too far. Except the president says for the next one year, they will not accept the old notes”.

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