Amid Deadline Extension, Traders Reject Old Naira Notes In Ondo

It has been revealed that traders in Ondo State have continued to reject the old naira notes as means of legal tender in the State, according to Daily Post.

This is despite the 10 days extension given by the Central Bank of Nigeria, CBN, on the usage of the old notes.

The rejection of the old notes by most traders has become a huge concern for residents of the State, particularly as the full circulation of the redesigned notes was yet to be felt in the State.

Before the initial deadline of January 31, bank customers were seen in their numbers depositing the old notes in banks, while some POS operators were opting for transfers from customers after they complained of not being able to access the new notes.

While monitoring the situation in Akure, the State capital, DAILY POST gathered that Automated Teller Machines, ATMs, in most of the banks were besieged by customers trying to withdraw the new notes.

Meanwhile, at the counters of the banks, the old notes were still being given to customers by cashiers, despite the limited period before the CBN deadline.

At Zenith Bank, Alagbaka, customers who had come for withdrawal expressed frustration over the development, particularly the fact that the ATMs were not dispensing enough cash.

With the bank’s ATM filled with new notes of N500, Zenith Bank customers have access to N30,000, with only N10,000 per withdrawal.

It was also the same situation at Jaiz Bank and UBA, as customers waited patiently even into the late hours of Monday to make withdrawals from the ATM galleries.

Speaking on the situation, one of the customers, Bade Omoniyi, said that she had been in the queue for about 40 minutes as she waited for four people ahead of her to make their withdrawals.

According to her, “everything about this country is just frustration. I went to Access Bank, which is my bank, but the crowd there was something else. So, I decided to make use of the ATM at Zenith Bank, but it was the same situation.

“When I got here (Zenith Bank), I was told that the ATM is only bringing out N500 new notes and that I can only collect N15,000 with my Access Bank debit card, while only Zenith Bank customers will collect N30,000.”

For another customer, Bayo Oluduro, the situation could best be described as pathetic, as the volume of old notes hitherto in circulation was more than the volume of the redesigned notes.

He said that going by the current situation, the February 10 deadline was not feasible.