Fakoyejo Olalekan
Small and medium businesses have began to reject old naira notes, as the deadline for the banknotes to become illegal nears.
Prime Business Africa had reported that the Central Bank of Nigeria (CBN) announced that 31 January 2023 will be the deadline for the old naira notes to cease being legal tender.
Join our WhatsApp ChannelDespite calls from the Senate and the House of Representatives urging the financial regulator to push the deadline forward, the apex bank has insisted that the timeframe won’t be changed.
According to the Governor of the central bank, Godwin Emefiele, at the post-Monetary Policy committee (MPC) meeting on Tuesday in Abuja, there is no going back.
This is despite Nigerian governors meeting with the apex bank chief to persuade the financial regulator in considering the impact the short deadline will have on Nigerians.
Recall that the central bank had announced the deadline in the fourth quarter of last year when it revealed that the naira notes will be redesigned to prevent counterfeiting and reduce the naira in circulation.
The central bank redesigned the N200, N500 and N1,000, stating that the country hasn’t changed the naira notes in the last 20 years.
According to one of the attendants for Life Flo, a packaged water company in the area of Alagbole-Akute Road, Ogun State, Prime Business Africa gathered that the manufacturer will stop accepting the old naira notes from January 28, 2023.
Also, the management of Chicken Republic has notified customers that the company will no longer accept the old banknotes.
It was learnt that Chicken Republic stopped accepting the old currencies on 25 January 2023, “In line with the Central Bank of Nigeria directive, Chicken Republic will stop collection of old Naira notes (N200, N500 and N1,000) from the 25th of January 2023.
“We will accept new notes and all existing electronic payment means,” Chicken Republic said in the notice.
Meanwhile, Prime Business Africa had reported that Sterling Bank contravened the CBN directive, as it continued to dispense old naira notes through Auto Teller Machines (ATM), while Zenith Bank, and others find a way to avoid sanction.
