Old naira notes become relevant again as Warri traders respond to deadline extension

Traders and commercial tricycle riders in Warri, Delta State, have reacted to last Sunday’s extension of the deadline for exchanging the old naira notes with the new ones.

Checks by our correspondent on Monday revealed mixed feelings among artisans, as some welcomed the expansion, while others frowned upon it.

It was observed that with a very small number of new naira notes still in circulation, the old naira notes have quickly become relevant again for business transactions within 24 hours.

This is contrary to the urgency with which people wanted to get rid of the old naira notes hours before the announcement of an extension by Central Bank of Nigeria (CBN) Governor Godwin Emefiele on Sunday afternoon.

Speaking to Mr. Friday Oshokomo, the commercial tricycle rider said he agreed to the extension of the deadline.

“At least I can save up the new naira notes for the new deadline, but in the meantime I will accept both the old and new naira notes.

“At the end of each day I go to PoS and transfer all the old naira notes to my account while keeping the new naira notes. Yesterday and this morning I have saved up to 12,000 naira cash from the new naira notes,” he revealed.

For his part, Mr. Henry, another commercial three-wheeler driver, said he was cool with the extension of the deadline.

“I have no problem with the extension of the deadline. I think it’s very good; but how do I wish it wasn’t extended, what would have happened to the money I made on Sunday night, even the money I have at home.

“Because since I’m so busy with work, I can’t go to the bank. I have received the new currency for a while, but I still accept the old currency as well. Next Monday I will try to go to the bank,” he noted.

Our reporter also approached Ms. Mercy Ekhator who sells foods such as plantain, yam and so on.

According to her, “if the federal government wants, they should extend the date of the deadline or not, I don’t care. I have no money.

“I buy goods on credit from my suppliers and when all my goods are sold out, I use the money to pay my suppliers; the small profit I earn I use to buy food items to cook at home.

Asked if she accepts the old naira notes and if she has received the new notes, Ekhator added, “I am not rejecting the old money; I accept both and I still use them.

“Yes, a few people have given me the new naira notes, but I don’t keep them, I even use them as change for customers. I don’t have a bank account, so I don’t worry whether the deadline will be extended or not. I heard they steal people’s money in the bank, so I don’t bank.

Mrs. Happy Ibeh sells fish at the popular Igbudu market in Warri. She said she was delighted with the extension of the deadline. “When I heard about the extension, I was happy.

“I have received new naira notes from some customers, although not too many, the old naira notes are mostly in circulation.

“I don’t turn down a single note at all; for now i have collected some of the new naira nuts; I even collect the old naira notes because this weekend I want my kids to take them to the bank for me.

However, further checks revealed that the cost of collecting old naira notes via PoS has been increased to the point where N5,000 is charged for N300.

The reason is the scarcity of old naira notes as most of the people had returned their old naira notes to the banks over the weekend in preparation for the original deadline of Tuesday, January 31, which had now been pushed back to February 10.

Meanwhile, at PoS N5000 of the new naira notes goes for as much as N700 and N1000 in Warri and its surroundings.