Business
Adamawa traders reject old Naira notes, close businesses
Traders in Adamawa have stopped business transactions with the old Naira notes of N1,000, N500 and N200 ahead of the official deadline of Jan. 31.
Some of the traders confirmed this to the News Agency of Nigeria on Wednesday in Yola.
They expressed difficulties in getting the new banknotes from commercial banks, hence the fear of collecting the old ones.
They spent a lot of time at commercial banks to change the old notes with new banknotes rather than in their business premises.
Malam Nuhu Sheriff, a business man at Jimeta Shopping Complex, said it had not been easy for him to get the new banknotes from commercial banks which made it difficult to collect the old ones.
He said that the fear of having the old Naira notes stuck in their hands made a lot of them to spend more time at commercial banks rather than with their business.
Another trader, Buba Bello, said that accepting the old banknotes was a threat to his business due to the new notes that are limited in circulation.
Bello said that he had stopped receiving old notes and intended to close his shop by Jan. 26 until the new notes were in circulation.
“From the information reaching us, the Central Bank of Nigeria said that the Jan. 31 deadline for the validity of the old N200, N500 and N1,000 notes remained unchanged.
“We have to be serious. Instead of having old notes, it is better for me to close my business transaction until Feb. 1,” he said.
Godiya Joseph, a moimoi (beans cake) seller, also expressed dismay at how some traders had started rejecting old notes before the deadline.
She said that she generates about N5,000 daily and going by the present situation, she decided to hold on till February.
According to her, “with my type of business, if I cook, some customers may come with old notes and if I refuse to collect, I may not sell all which will result in loss.”
Source – NAN