Expert calls for sanction to vendors rejecting old naira notes
A financial expert, Mrs Blessing Ufoma has called on relevant authorities to penalize any business vendor who refuse to accept old naira notes.
Ufoma said in Abuja that the acceptance of the old notes would boost the country’s economy.
“ A lot of business have suffered losses since the beginning of the naira crisis and we need to all be on the same level to be able to grow rapidly.”
Ufoma, however, said that not much improvement had been seen in terms of availability of old N500 and N1,000 notes.
She urged the Central Bank of Nigeria (CBN) to release more banknotes to commercial banks to ease the hardship being encounter by Nigerians.
“Some Automated Teller Machines (ATMs) are not dispensing cash. Some POS operators do not also have cash for business.”
Reports say people have started transacting business with them while some still reject the old naira notes.
Mr Usman Ali, a businessman at Kado Fish Market, urged the CBN to create more awareness on the legitimacy of the old naira notes for general acceptability.
A taxi driver, Mr Uzor Emeka, said he was not aware of the new regulations adding that he would only accept it when he is sure of the general acceptability.
“I have not started collecting the old naira notes but I accept online transfer and new naira note.”
The Supreme Court had on March 3 in its judgment, extended the legal tender status of the old N200, N500 and N1,000 notes to Dec. 31.
The apex bank thereafter at a Bankers’ Committee meeting gave a directive that the old notes be used as legal tender up until Dec. 2023.