Several traders in Akure, the Ondo capital, on Monday rejected the old naira banknotes of N200, N500 and N1,000 despite the extension of their validity by the Supreme Court of Nigeria.

Many residents of the state with the old banknotes were stranded in several locations in Akure since they could not spend it.

A thrift collector in Oba-Ile, Akure, who did not want his name to be mentioned said she was distressed when she heard that many banks were no longer collecting the old banknotes from customers.

According to the thrift collector, she called WEMA Bank officials who told her the bank would no longer take the old banknotes. It was a POS operator who later collected the banknotes from her.

The thrift collector urged President Muhammadu Buhari’s regime and the Central Bank of Nigeria (CBN) not to allow the naira policy to give Nigerians hypertension.

“Government should not give us hypertension. How will rural dwellers survive? The authorities should reconsider this policy,” she stated. “It is worrisome that the Supreme Court’s order could not be obeyed.”

A taxi driver in Akure, identified as Favour, said he was surprised to learn about the rejection of the old banknotes. He said the rejection of the old notes, if not quickly checked, would send many to early graves.

“But I know that they are not more powerful than God. I have stopped collecting it from passengers since I can’t spend it. These banks should be sanctioned by the court of jurisdiction. And the government should allow people to continue to spend it until the new ones are abundant in circulation,” he said.

According to him, filling stations have stopped collecting the old naira notes as well.

Oluwafunke Ademola, a POS operator in Oba-Ile, Akure, said that Zenith Bank in Akure was initially collecting the old notes from customers before it stopped.

Ms Ademola explained that a First Bank POS agent instructed POS operators to deposit all their old naira notes between Monday and Tuesday. Following that directive, Ms Ademola said she had stopped collecting the old notes from customers.

She added that it was worrisome that the CBN and other authorities were not talking to Nigerians.

“Though the court is supreme, there is no statement from the CBN leadership,” she said.

According to her, the effects of disobeying the court order would be felt mainly by poor Nigerians.

Taiwo Fakorede, an engineer, said it was sudden to many Akure residents since no commercial banks opened to the public last week.

The engineer, who said the pain inflicted on the masses would be too much, requested an extension for the collection of the old naira notes. 

(NAN)