Traders shut businesses over scarcity of new Naira notes

 

Some traders in Jigawa State have shut down their businesses over the scarcity of new Naira notes.

This followed the announcement of the Central Bank of Nigeria, CBN, that January 31 remains the deadline to stop using the old Naira notes across the country.

DAILY POST reported that the CBN had fixed 31st January 2023 to stop using the old notes of N200, N500, and N1000 after redesigning new ones on 15th of December 2022.

Reacting over the CBN dateline, some traders in Dutse, the state capital, said they don’t have any other options than to close their businesses until the new Naira notes are available.

Malam Musa, a trader with a provision shop at Yelwawa Quaters in Dutse metropolitan, said he closed his shop due to the non-availability of new Naira notes.

“I used to make sales of about N200,000 each day but hardly received N10,000 new Naira notes and whenever I collected the old one I am finding it difficult to change it in my bank because of the long queue,” he said.

“So to be on the safer side I closed my business till after the old notes are available.”

Also, an akara and pap seller along Gida Dubu in Dutse, Bintu Samuel, said she closed her business until after the new naira notes are in circulation.

“Whoever bought my akara is giving me old notes, and when I took it to buy my stuff, they are rejecting it so I should close until after the new naira notes are in circulation,” she said.

DAILY POST went around some banks and observed that customers were in queues as early as 7 am on Wednesday to deposit their old notes and others to withdraw new notes at ATMs.

Idris Musa, one of the customers in one of the commercial banks, said he spent more than 24 hours in the queue before he deposited his old notes.

He explained that the delay is because people are bringing old notes in big bags, and it’s taking much time before the cashier finishes counting the money.

Also, Malam Usman in Dutse said he spent about 8 hours in the ATM queue before he withdrew N20,000 of the new naira notes.

They, however, appealed to the apex bank and commercial banks to consider the suffering of Nigerians and provide a solution to the problems.

DAILY POST also learned that the situation might worsen soon due to the payment of salaries by the state government on the 25th of January, 2023.