The scarcity of new naira notes is forcing business owners in Gombe State to keep trading with old notes.
In October last year, the Central Bank of Nigeria (CBN), revealed its plan to redesign the N200, N500 and N1000 notes.
The apex bank noted concerns about “illicit” funds in circulation, which it said bandits and kidnappers had been exploiting in perpetrating their crimes. It further said it will be introducing the redesigned notes into the financial system on December 15, 2022, and gave January 31, 2023, as the deadline.
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However, Nigerians have bemoaned the new naira policy and how it is affecting their day-to-day activities. In Gombe metropolis, businesses have been suffering as the deadline draws closer.
Mohammed Gwani who owns a business centre at the Federal College of Education in Gombe said he had to collaborate with a bank agent to deposit old naira notes at the bank.
Gwani told WikkiTimes he collects old naira notes from his customers unlike his fellow businessmen at the market.
“I have a POS agent who collects the naira notes because he has a direct connection with a banker. So that makes it easier for him to deposit the money without stress,” said Gwani. “But this morning he called me to inform me that he no longer accepts old naira notes as well.”
Gwani said he will only accept new naira notes from customers henceforth.
Kabiru Mohammed, a fruit seller at Kundulum market told WikkiTimes he has no choice but to accept the old naira notes even though he has no means of depositing them.
“I sell perishable goods as you can see,” he said. “How else do you expect me to insist on new naira notes in a local market like this?”
Musa, another shop owner who runs a provision store bemoaned that the new naira notes are not available even at the commercial banks.
He said: “Politicians are the ones hoarding the new naira notes, that is why it is not in circulation.
“There are few POS stations that trade the new notes but it comes with a fee. Although, I am not sure how much they charge.”
Another business owner who sells grains, Kawule Hashidu said he still accepts the old notes despite knowing the risks he is taking.
“If I insist on collecting new naira notes, people don’t even have it with them. So I will rather take the risk of collecting old notes, he said. “I will go to the bank next Monday which is the deadline and see if I can deposit my money. But if I can’t, so be it.”
