Abuja business owners, traders defy CBN, reject old N500, N1000

17 hours after the Central Bank of Nigeria’s pronouncement, business owners, traders, and transporters in the Federal Capital Territory of Abuja are disobeying the bank’s order to accept old N500 and N1000 notes as legal cash.

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According to the DAILY POST, the country’s central bank announced on Monday that the old naira notes are still valid until December 31 in compliance with the Supreme Court’s decision from March 3.

Yet, according to DAILY POST’s investigations, Abuja citizens continue to reject the outdated notes.

A merchant in the UTC Area market named Salisu Mohammed said that he had turned down the old client notes.

“When I talk to you, nobody is gathering the old N500 and N1000 notes. Do you anticipate that I will collect the money if other traders fail to do so? I turned away some people who came in today to buy with the old currencies, he added.

At the time this story was filed, both drivers and business owners were rejecting the old currency.

Taxi driver Okechukwu Okereke informed DAILY POST that he has not yet accepted CBN’s decision about the acceptance of the old naira notes.

“As for me, I’m not getting paid. What is the necessity when I’ve heard it’s difficult to deposit it at the bank? Customers can board my car only if they have the latest notes. I don’t support the wahala of banks, he admitted.

Commercial banks are currently crowded with clients in the city centers of Utako, Jabi, Wuse, and Abuja, as has been the case for the past two months since the currency crisis began.

Benson Dogo claimed that he arrived at the bank as early as 6:30 am but was unable to obtain any cash, both new and old.

He described his experience by saying: “At one point, the bank requested that everyone leave its property. I’m currently unsure about how to get home.

Okoro Ndubuisi, a different respondent, claimed that he nearly got into a fight with the morning driver who took him to work over the old N500 bill.

“I told him I had the previous note, but he insisted I pay him with the new note, saying he didn’t hear me say that. The fact that he consented to accept payment by transfer was a blessing in disguise, he remarked.

Earlier, Dr. Muda Yusuf, director of the Centre for the Promotion of Private Enterprise (CPPC), urged the central bank to launch a significant awareness campaign about its most recent directive. Prof. Godwin Oyedokun, a lecturer of accounting and management at Leads University Ibadan, disclosed that Nigerians’ compliance with the CBN’s decision might take some time.


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