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Panic grips residents as food vendors, motorcyclists and others dismiss old notes in Oyo

Panic gripped some residents of Oyo State over their inability to use old naira notes to buy some basic commodities, reports DAILY POST.

Our reporter has learned that some business owners, food vendors and commercial motorcyclists in some parts of Oyo state have rejected the old naira notes.

The rejection of the old banknotes comes amid a dearth of newly redesigned naira notes.

A few weeks ago, the Central Bank of Nigeria, CBN, introduced its newly redesigned N200, N500 and N1000 denominations across the country, giving January 31, 2023 as the deadline for exchanging the old banknotes.

The main bank has also directed commercial banks to fill automated teller machines (ATMs) with newly redesigned naira notes.

The Daily Mail notes that some people who provide basic services are rejecting old naira notes.

It has been gathered that the majority of banks in major towns and cities such as Ibadan, Oyo, Ogbomoso, Essen and Sake do not provide new notes to their customers nor do their ATMs dispense new banknotes.

Although there has not been any report of old naira banknotes being rejected in Ibadan, the state capital, our reporter has confirmed that food vendors, commercial motorcyclists and some shopkeepers have been rejecting old naira notes in the towns of Isin, Oyo, Ogbomoso and Sake since Monday. .

District residents who spoke with the DAILY POST on Wednesday lamented that some people who provide essential services in their districts have been rejecting old notes since Monday.

The worst side, they said, was that they did not get the new notes from bank halls and ATMs.

Mr. Rufus Adyoti, a native of Essen, said people in his area are rejecting the old naira notes even though he has not seen the new ones.

“They rejected the old banknotes,” he said, “and I still haven’t collected the new ones.”

A resident of the Surulere community in Isin said that a merchant in her area had refused old naira notes from her sister.

“Yes. A merchant in my district even refused old money from my sisters yesterday in Essen.

Another resident, Mr Saeed Salam, said some people who provide essential services are now asking customers to make transfers instead of paying cash.

He added that market women in Essen had joined the anti-naira league.

He said yes. People are tense here. They only welcome transfers. The new notes have not been submitted by the banks and the POS agents are not helping matters.

“It’s funny how the bride price might be refused with old notes, even in sake. Even market women refuse it.”

The Daily Post reporter learned that what is happening in Isin and Sake in Oki-Ogun district is no different than what is happening in Ogbomoso, the second largest city in the state.

An Ogbomoso citizen, who did not want his name printed, said commercial motorcyclists in some parts of Ogbomoso, such as Takie and Ojagbo, have been rejecting old notes since Monday.

He said yes. Most of them are commercial motorcyclists. Areas like Takie Bus Stand and Ojagbo Ogbomoso”.

Mr Lasisi Adewale, an Oyo resident, said food vendors in Oyo town had copied their counterparts in Essen and Ogbomoso.

Yesterday, I wanted to buy food but they asked for the new notes and I didn’t get them. I didn’t even collect it.

Panic grips residents as food vendors, motorcyclists and others dismiss old notes in Oyo

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