The old N200, N500, and N1000 have lost their legitimacy in the eyes of the public such that business operators and even courts are rejecting them despite the Supreme Court Ex-parte Order temporarily halting the ban on their use.
Following the redesigning of N200, N500, and N1000 notes by the Central Bank of Nigeria(CBN), Jan. 31 was announced as the deadline for the use of the old notes which was, however, met with outrage from Nigerians, forcing the apex bank to extend the deadline to Feb. 10 after which the notes would seize to be legal tender.
The extended deadline was met with a suit from governors of Kaduna, Kogi, and Zamfara on Feb. 3, requesting that the extension should be beyond Feb. 10 as announced by the CBN.
Following the suit, a seven-member panel of the apex court, led by John Okoro gave the order suspending the Feb. 10 deadline till Feb. 15, where the suit was heard and adjourned to 22nd February.
NAN Correspondent, who went around some parts of the FCT on Sunday to monitor the use of the old notes, discovered they were being rejected in public and private places like fuelling stations, marketplaces, courts, and parks.
Mr. Ndubuisi Ugwu, a commercial driver, seen announcing to passengers to board with new Naira notes, said he started rejecting the old notes because fuelling stations had begun rejecting them.
He said, “I went to fuel my car at the station with the old notes and it was rejected. That is why I am insisting on passengers boarding with new notes.”
On the Supreme Court Order, Ugwu said he was aware of it but insisted that since people had started rejecting the money he had no choice.
Mrs. Amina Shuaibu, a tomatoes seller at Karu Market, said she stopped collecting old notes since Feb. 11, following the Feb. 10 deadline given by the CBN.
“Although I heard that the court gave an order that we should continue using the old notes but people are rejecting it in the market, that is why I am also rejecting it.
“I also heard that banks have equally stopped accepting the old notes but I do not know how true that is.
“There is so much confusion about the whole thing, so the best thing to do is not to collect it at all.”
In Lagos, lawyers and litigants were on Monday prevented from filing court processes at the Lagos High Courts, as officials insisted they would only accept new naira notes. Consequently, many lawyers and litigants were turned back by court officials at the registry, saying the banks no longer accept the old N200, N500, and N1000 notes as legal tender.
On February 15, right after the supreme court confirmed the legitimacy of the old naira note a shop owner insisted on not collecting the old note.
” I know what the court has said but I will only collect the new note, I don’t want to start running later to get m money changed to the new naira. The earlier Nigerians get used to the new note the better.”
“Those who still have the old note should take advantage of the court order and take their old naira note to the bank . He added.”