Traders, business centres, POS operators reject old Naira notes in Zamfara


The old Naira notes have become out of use in Zamfara State as traders, business centres, marketers and even Point of Sale, POS, providers have been rejecting the notes since last week even though the deadline for their use has not expired.

DAILY POST can authoritatively state that commercial banks in the state have since last week been choked up as people struggle to deposit their old notes.

The situation has made business very dull as petty traders in many markets, business centres and shops are expressing palpable fear that they may be at a loss if they collect the old notes.

Many POS centres have been forced to close over complaints that customers usually deposit old notes to beat the deadline.

According to some POS providers, the Central Bank of Nigeria’s deadline was too short, lamenting that the new notes were scarce even in the banks.

One POS provider, Salisu Ahmad, said going to the bank on daily basis to deposit his old Naira notes has seriously affected his business.

“We spend most of the time we are supposed to be using for our legitimate businesses in the banks to deposit the old notes”, he lamented.

Also affected are buyers of essential commodities, who were left stranded as their old notes were rejected in the market.

Some people interviewed by DAILY POST appealed to CBN to extend the deadline to enable people, especially rural dwellers, to deposit their old Naira notes in their various banks.

This medium also gathered that even the transporters and commercial motorcycle riders had rejected the old Naira notes, saying they don’t have time to queue up in the banks to deposit the them.





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