Economy

Disdained Old Naira Notes Bounce Back In Warri

Aghogho Dibirere, Reporting

Disdained and ridiculed a few hours to deadline extension, quickly-ready-to-let-go Nigerian old naira notes, on Monday, suddenly bounced back to relevance.

This is coming less than 24 hours after the extension of the January 31 deadline to February 10, 2023.

Checks on Monday revealed that with a very few new naira notes still in circulation, the old naira notes have, speedily, become a beautiful bride in business transactions.

Disdained Old Naira Notes Bounce Back In Warri

New & Old Naira Notes

As a matter of fact, further checks revealed that the cost of collecting old naira notes through PoS has been jacked up such that for N5,000, N300 is charged.

The reason is adduced to the ironically scarcity of the old naira notes as most people had returned them to the banks over the weekend in preparation for the Tuesday, January 31 initial deadline which had now been shifted to February 10.

Meanwhile, at PoS, N5000 of the new naira notes now goes for as much as N700 and N1000 across Warri and environs.

A PoS operator at Ginuwa, Miss Joy Iloh, said because the new naira notes are still scarce, the cost at PoS is justified given the stress she went through in drawing the new notes from the ATM last Sunday.

“I queued from 11:00a.m till 3:00p.m with serial number 105 before it could get to my turn. And we were not allowed to withdraw more than maximum of N20, 000,” she lamented.

As a result, she sold N5000 for N500 as against N200 the normal charges.

Meanwhile, traders and commercial tricycle riders in Warri, Delta State, have reacted to the last Sunday extension of the deadline for full implementation of the cashless policy.

Checks by our correspondent on Monday revealed a mixed-feelings among the artisans as some expressed joy at the extension while others frowned upon it.

Speaking with Mr Friday Oshokomo, the commercial tricycle rider said he was okay with the extension of the deadline.

“At least, I’ll be able to save up the new naira notes before the new deadline date, but in the meantime, I’m still accepting both the old and new naira notes.

“At the end of each day, I’ll go to PoS and transfer all the old naira notes to my account while I keep the new naira notes.Just yesterday and this morning, I’ve saved up to 12,000 naira cash of the new naira notes,” he disclosed.

On his part, Mr Henry, another commercial tricycle riders, said he was cool with the deadline extension.

“I have no problem with the extension of the deadline. I’m very okay with it; but how I wish it was not extended, what would have happened to the money I made on Sunday evening even the ones I have at home.

“Because ever since I was so busy with work, I can’t go to the bank. I have been receiving the new currency for some time now, but I still accept the old currency too. By next week Monday, I will try and go to the bank,” he noted.

Our reporter also approached Mrs Mercy Ekhator who sells foodstuffs such as plantain, yam and so on.

According to her, “if the Federal Government likes, they should extend the date of the deadline or not, I don’t care. I don’t have any money.

“I buy goods on credit from my suppliers and when all my goods are sold out, I use the money to pay my suppliers; the little gain I make, I use it to buy foodstuffs to cook at home.

Asked if she accepts the old naira notes and if she’s been receiving the new notes, Ekhator added: “I don’t reject the old money; I accept both all of them and I still use them.

“Yes, some few people have given me the new naira notes, but I don’t save them, I even use them as change to customers. I don’t have a bank account, so I’m not worried whether the deadline is extended or not. I heard they use to steal people’s money in the bank, so I don’t bank.”

Mrs Happy Ibeh sells fish at popular Igbudu Market in Warri. She said she was elated about the deadline extension. “When I heard about the extension, I was happy.

“I have been receiving new naira notes from some customers although not too many, the old naira notes are mostly in circulation.

“I don’t reject any of the notes at all; for now I have gathered a few of the new naira notes; I even gather the old naira notes, too, because this weekend, I want my children to take them to the bank for me.”

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