Problem arises as traders refuse the old naira note from customers.
Just recently, The Supreme Court released a statement and ordered that the old Naira notes are still legal tender till the end of the year. This was on the 3rd of March and they declared that the old notes and the new notes will both be in circulation till December 31, 2023.
Many people have come out to say that they regret following this order and collecting the old notes as they are unable to spend it.
Many people have found it difficult to soine the old notes they had collected from commercial banks because people weren't accepting it.
Some traders, bus drivers and others refused to collect the old money.
They also mentioned the cause of this may be because the commercial banks themselves who are dispensing the old notes have refused to accept it as a deposit.
Some went ahead to withdraw this money since the court had ordered this but realized how serious that mistake was.
People have begun to plead with the government to speak concerning this matter as it hasn't been easy.
Those who withdrew money are holding on to the money and can't spend it; neither can they return it to the bank.
The traders rejecting the old notes expressed that if they cannot spend it or deposit it, why will they receive it?
Just recently, The Supreme Court released a statement and ordered that the old Naira notes are still legal tender till the end of the year. This was on the 3rd of March and they declared that the old notes and the new notes will both be in circulation till December 31, 2023.
Many people have come out to say that they regret following this order and collecting the old notes as they are unable to spend it.
Many people have found it difficult to soine the old notes they had collected from commercial banks because people weren't accepting it.
Some traders, bus drivers and others refused to collect the old money.
They also mentioned the cause of this may be because the commercial banks themselves who are dispensing the old notes have refused to accept it as a deposit.
Some went ahead to withdraw this money since the court had ordered this but realized how serious that mistake was.
People have begun to plead with the government to speak concerning this matter as it hasn't been easy.
Those who withdrew money are holding on to the money and can't spend it; neither can they return it to the bank.
The traders rejecting the old notes expressed that if they cannot spend it or deposit it, why will they receive it?