CBN Deadline: Traders, Supermarkets, Others Begin to Reject Old Naira Notes

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By Olusegun Obisanya

Ahead of the Central Bank of Nigeria’s deadline, many supermarkets, eateries and petty traders have begun to reject the old naira notes. Most of the supermarkets notified their customers via notices and text messages that they won’t accept the old notes few days before the deadline.

Meanwhile, the Central Bank of Nigeria have commenced sensitisation of Nigerians about the new naira notes.

A popular clothing outfit, Ruff ‘n’ Tumble has informed its costumes via text messages that it will stop accepting the old naira notes two days before the deadline.

Also Spar Market, an Indian-owned supermarket chain in Nigeria has said beginning January 25, 2023, it will not allow its customers to pay using the old naira notes.

“In accordance with the CBN directives, we will no longer accept old naira notes in our stores from 29th January 2023. Thank you for your understanding,” the message stated.

A notice pasted at the entrance of the supermarket at its Opebi outlet states that customers paying using the old naira notes have until January 25 or use their debit cards or via their QR codes.

Also, similar chain store, Shoprite has issued notices to its customers that it will adhere strictly to the CBN deadline of January 31, 2023. A visit to the popular markets across Nigeria shows that many market women and petty traders are fully aware of the CBN deadline and have started telling their customers that they will not accept the old naira notes at certain times in January, usually before the end of the month.

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CBN notified that: “You are once again advised to return them to your bank before the deadline.” The bank has begun sensitising Nigerians on the new naira notes and telling them the features of the newly redesigned notes.

The bank said it is distributing the new naira notes via the banking system and said the new notes are amply available despite their scarcity via bank ATMs.

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