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From Ighomuaye Lucky, Benin
Residents of Edo State have expressed relief following the Central Bank of Nigeria’s (CBN) stance that has given validity to the old N500 note and the old N1000 to be used side-by-side with the redesigned naira notes.
Recall that the CBN has directed all commercial banks to dispense and accept as a deposit the old currency till December 31.
Speaking with Daily Sun, Bright Amadasun said the announcement of the acceptance of the old naira notes has eased the sufferings of the people.
He said before the announcement was made, banks in the state usually witnessed a large queue but that such has been drastically reduced.
“I think with the announcement, everybody is happy. I think this will reduce the large queues in all banks because the money is out and everybody is seeing it”, Amadasun said.
Amadasun said the only challenge at the moment is that market women are still not accepting the old naira notes because the information has not gone around enough.
“The only problem we are having now is that people have not really heard about this news and they are not collecting it at the market.
“This is one of the issues and I do not know how they are going to do that publicity so that everybody can be aware that the money is now a legal tender.
“I have been to the market this morning and I have collected N4500 but when I wanted to buy something with it, the seller rejected it but I collected the money because I am aware of the news.
“I want the government to make more announcements on it so that the public will be aware to reduce the crowd at the banks.
“I want the CBN to flood the banks with the old naira notes since it is now a legal tender and at least with that, life will bounce back”, Amadasun said.
Speaking also, a bank customer who preferred anonymity, said though the CBN’s statement may have eased tension in the country it will not change the cashless policy the federal government wants to achieve.
“It has eased us of stress that is one but as for the queues, they will continue because it is not the function of the old notes.
“It is the CBN digital currency that is being worked on.
“So, we know we have seen it in China.
“The queues will continue. We are still expecting it. Some banks will collapse.
“We are still expecting some persons’ accounts to be frozen and going forward, we are going to see these developments because they are all in line with the world economic forum’s agenda.
“So, it is more than the Nigeria factor.
“The policy is not about the old naira notes but about minimizing cash.
“So, they want to drop the quantity of cash in circulation. That is the major reason,” he said.
