Traders at the Kure Ultra Modern market in Minna, Niger State have decried the refusal of commercial banks to receive their old naira notes.
The traders claimed they had been collecting the old Naira notes from their customers to ease difficulties but noted with dismay the refusal currently by Commercial Bank to collect the old notes.
Reacting to the development during an interaction with state Governor Abubakar Sani Bello while on a visit to the market in Minna, the traders described the situation as very sad and discouraging
One of the traders, Mallam Sani Saidu, Umar Abdullahi told the governor that the new notes in circulation are grossly insufficient resulting in the difficulties being witnessed by both traders and buyers in most markets across the state.
Umar Abdullahi and Abdullahi Auta, who also spoke the minds of other traders called on the governor to intervene in the situation to reduce the hardship on the people in the process of Naira swap in the state.
Speaking, the Governor urged traders to continue to use the old notes alongside the new ones pending the verdict of the Supreme court on the matter.
He explained that the government alongside other states has filed a case against the Central Bank of Nigeria (CBN) on the time frame to discontinue the usage of the old notes.
Bello acknowledged the challenges being faced by the people saying, ” the naira redesign is a welcome development, however, the CBN needed to give a long time to allow the old notes in circulation before it eventually fades out”
“Now you can imagine with the concentration of banks in Minna, the traders in Kure Market can not get access to new notes, you can imagine what will be happening in the rural areas”
” I stopped over at the different markets to get first-hand information on the challenges encountered by the people on the redesigned notes policy”.
He argued that if the situation persists further, it will cripple small businesses in the state, hence, the government is in discussion with the banks to collect the old notes as their refusal is against the Supreme Court injunction.
The governor insisted,” the situation is very bad, and I deliberately came here to get the truth about what is going on. The main problem of the new notes is lack of circulation which some people have used the situation to exploit others”.
Recall the state government had passed an executive order directing that all financial transactions in the state be conducted with both the redesigned Naira notes alongside old ones.
Traders decry rejection of old naira notes by banks in Minna