Traders in Kwara State marketplaces are refusing old N200, N500, and N1,000 notes just a few days before the Central Bank of Nigeria’s deadline of January 31 for the deposit of old notes of the newly redesigned naira denominations.
Traders in Ilorin, the state capital, are reportedly refusing to use old currencies as a means of payment since it is impossible to deposit them in their respective banks as instructed by the Central Bank of Nigeria, or CBN.
In Yawiri, Tsaragi, Share, and Gbugbu markets in Kwara State, dealers from whom they purchase their goods have begun refusing the old currency, according to a fish seller named Alhaja Dupe who spoke with some newsmen.
She claimed that the change had put merchants in a difficult position because many people who travel from Ilorin to buy stock in distant markets end up leaving empty-handed because their money, which was in the previous currencies, was rejected.
She also expressed her displeasure that the new development does not exempt butchers and beef vendors.
The development reportedly began a few days ago, according to Moshood Ita-Adu, chairman of the butchers association at Akerebiata Abbatoir on Sobi Road.
He claimed that Fulani cattle traders flatly refused to take outdated notes and insisted on brand-new ones.
As a result, beef has become pricey and scarce throughout the state.
Iya Ayisat, a meat vendor, too lamented bitterly that the livestock merchants’ rejection of outdated naira bills had disrupted regular business.
According to additional research by Some newsmen, even street beggars in Ilorin have begun to reject donations made in outdated currency notes.