Supermarkets reject old naira notes as deadline nears

Some supermarkets have commenced plans to reject old naira notes from customers ahead of the January 31, 2023 deadline given by the Central Bank of Nigeria (CBN) to phase out old banknotes.

Ruff ‘n’ Tumble, an indigenous premium brand for quality children’s clothing, shoes and accessories, has informed its numerous customers through a text message that it will stop accepting old naira notes two days to the deadline.

“In accordance with the CBN directives, we will no longer accept old naira notes in our stores from 29th January, 2023. Thank you for your understanding,” the message stated.

The CBN and banks have continued to sensitise the members of the public on the need to return their old naira notes to the banks before the deadline.

“A reminder to the general public that the old series of N200, N500, and N1,000 notes cease to be legal tender by January 31, 2023. You are once again advised to return them to your bank before the deadline,” the CBN said in its twitter handle, adding that the old notes remain legal tender until the deadline of January 31, 2023.

Nigeria’s apex bank has taken the new naira sensitisation to markets across the country.

“We are here to sensitise the marketers and the traders about the redesigned naira notes. We are giving everyone the assurance that the new naira is available and it is available to everyone,” Godfrey Bariboloka Koyor, branch controller, CBN, Lagos, said at Balogun market recently.

Read also: CBN to sanction banks over failure to load ATMs with new naira notes

“We are distributing it through the banking system; the channel through which money is distributed and as transactions take place you will be having the new one,” he said.

As the deadline for depositing old notes into the banking system approaches, Nigerian banks have encouraged their customers to bring their money, to avoid last-minute rush.

Ecobank Nigeria has called on its customers to approach any of its branches to deposit old naira banknotes into their accounts to avoid the last-minute rush, also assuring them of gaining a minimum of 8 percent interest on their savings.

In the same way, some Churches and groups have embarked on an awareness campaign among their members on the deadline for the phase-out of the old notes.

Adanma Chukwudabelu Izuchukwu, coordinator of women ministries department of Assemblies of God Nigeria, Apapa District, told women to ensure that they deposit their old notes before the deadline.

“Those of you who are into business make sure you deposit your money in the bank before the deadline. Do not keep cash at home. Take the government policies seriously and do not fall victim to breach of directives,” she said.