TheCable

Traders, filling stations, and drivers in Imo have started rejecting the old naira notes as the Central Bank of Nigeria’s (CBN) February 10 deadline ends today.

Last month, the CBN announced February 10, 2023, as the deadline the old currency notes would cease to be legal tender, but also said Nigerians could still be able to deposit the notes directly with the CBN until February 17, 2023.

In a move to override the apex bank’s decision, the supreme court, temporarily restrained the federal government from banning the use of the old naira notes from February 10.

Going by the supreme court order, which the federal government had said it would obey, Nigerians can continue to use the old notes until February 15, when the verdict would elapse.

But despite this, TheCable’s reporter observed that commercial activities in various markets in Imo state have been affected due to the scarcity of the new naira notes.

A recharge card seller was said to have rejected the old notes, insisting that they would no longer be valid after today.

Stella Amagwula, a petty-trader who also refused to accept the old notes said, “it was the only way she could escape and beat the deadline”.

Amagwula also said she could not go through the hassle of queuing at a bank for cash.

Some filling stations in Owerri had inscriptions that read, “no new notes, no fuel”. Other business centers in the state capital also had similar warning signs for customers who may be in possession of the old currency notes.

In separate interviews with TheCable, residents expressed distrust over the supreme court’s ruling.

Justifying their decision to reject the old notes despite the court order, they reasoned that such a ruling may not “hold water since both the federal government, CBN, and the court work hand in hand”.

On the flipside, some residents who are still in possession of the old notes expressed hope that the deadline would be further extended.

TheCable also understands that traders in the federal capital territory (FCT), Abuja; and Calabar, Cross River state, have also been rejecting the old naira notes.

In Calabar, traders were said to have refused to accept the old notes, and showed support for government’s deadline — insisting that they prefer a statement from the CBN.