Phobia for old naira notes cripple businesses in Tafawa-Balewa market

Traders in the Tafawa-Balewa market, like other markets in Nigeria, have refused to accept old naira notes from customers who patronize them for fear of recording losses in their business operations.

Many of the business operators who spoke to BusinessDay, demanded that the Apex Bank and the federal government increase the availability of the new naira notes to mitigate losses.

Joshua Joel, who owns Chongkeni Plaza in the market, said he is afraid of allowing customers to use the old naira notes to pay for goods.

“I don’t accept old naira notes from buyers because the banks aren’t dispensing new ones,” he said.

Also, Sunday Emmanuel, a top provision store operator in the market, said the scarcity of the new naira could cripple businesses.

Read also: Customers rush to deposit old notes in A/Ibom as CBN deadline nears

“People still have the old naira notes at hand, and they are finding it nearly impossible to deposit them in the banks due to congestion and overcrowding. That is why some of the business people just decide not to collect the old money again until the new notes are made available and easily accessible to all,”  he said.

According to a POS operator, customers who come to withdraw from his stand have refused to accept old naira notes as they now request the new ones

 “If customers come to withdraw money and you give them the old naira notes, they no longer accept it because they are  afraid the sellers won’t accept it,” he said

Sarah John said she has suffered from the rejection of the old notes by traders after going around the market. She described the situation as unfortunate and pathetic and urged the Federal Government of Nigeria to intervene in order to alleviate the sufferings currently being faced by the masses.



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