Business
Badagry traders appeal for extension before old naira notes cease to be legal
Some traders in Badagry on Wednesday appealed to Central Bank of Nigeria to extend the Jan. 31 deadline when the old N1000, N500, N200 notes ceases to be legal tender.
They told the News Agency of Nigeria in Badagry that many customers are still coming to purchase goods in the markets with old naira notes less than six days to the expiration date set by the apex bank.
NAN reports that the CBN had given Jan.31 as the deadline for the exchange of the old banknotes for the newly redesigned ones.
The NAN correspondent who monitored activities at different markets in Badagry observed that most of the transactions were still being done with the old Naira notes.
At Mowo market, most of the traders said they have not come across the new redesigned notes in the market.
Wasiu Alade, a goat meat seller in Mowo, said he had not seen the new note in the market.
“Honestly, all transactions here are done with the old naira notes.
“We only see the new note at parties or social engagement where people that sell new naira notes asked us to exchange it with additional money.
“It is not that we don’t want the government to change the old currency, but they should let the money circulate.
“The rich people who have collected the new notes are hoarding it, so we use the old notes,” he said.
Also, Mrs Helen Bojrenu, a pepper seller at Agbalata market in Badagry, said that customers were still purchasing Pepper, Tomatoes, Onions using the old naira notes.
“Government said that the old notes cease to be legal tender by Jan. 31, but our customers are still patronizing us with old currency.
“If we reject it, we will not sell and at the same time lose our regular customers.
“We only see the notes on Television. They have not started spending them here in Badagry.
“Government should pity the traders and extend the deadline so that the new notes can circulate very well in all parts of the country.
“We have gone to bank to deposit the old note, but what they are giving us back through ATM is still the old naira notes. Tell me, how the new notes will circulate?” she asked.
Speaking in the same vein, Mrs Grace Godonu, a resident of Apa in Badagry who was in the Agbalata market to buy fish, said she had visited three banks in the town to withdraw new notes.
“I came out around 8:00a.m. to withdraw new notes to buy dried fish in the market.
“I was at Zenith Bank at the market, when it was my turn, the ATM stopped to dispense new notes.
“I went to about three to four banks after that, they said they don’t have the new notes.
“I had to go and collect old notes from one Paga shop to buy my fish; otherwise I will not get it.
“The situation here is sad. Even if you get at the bank, it is only N1,000 denomination that is available.
“The question is how will you collect your change when there is no N500 or N200 denomination in circulation.
“We are appealing to government to help move the deadline forward a bit, the queue at different banks in Badagry is alarming,” she said.
Source – NAN