CBN’s compliance with Supreme Court judgement on old notes excites Benin traders 

Traders in Benin have expressed happiness over CBN’s compliance with the Supreme Court judgment that the old N500 and N1,000 notes remain legal tender till Dec. 31.

The Supreme Court had on March 3, in a unanimous decision by a seven-member panel of Justices, held that the old N500 and N1,000 notes should remain legal tender till December 31.

However, the CBN didn’t issue a directive to banks to the effect until Monday, 10 days after the Supreme Court judgement.

Checks at different banks, markets, motor parks, supermarkets and pharmacies, observed that the old N500 and N1,000 notes were being accepted by traders as legal tender.

However, there were long queues at the commercial banks.

Speaking on the development, Okwara Udensi, Edo/Delta Chairman, Manufacturers Association of Nigeria, said CBN’s compliance to the court ruling was a welcome development for businessmen.

Mr Udensi said; “It is a good thing because it is going to ease a lot of the cash problems as everyone would begin to heave a sigh of relief.

“The issue of using cash to buy cash will be a thing of the past as my worker had to spend N22,500 to collect N150,000 few weeks ago.

“This is good, let us pray that the cash will start circulating around and things will bounce back to normal by end of the month.”

Also reacting, Noma Iguisi, Edo Chairman, National Association of Small Scale Industialists said, “the CBN has listened to us and this will impact positively in our businesses.” 

Mr Iguisi, however, suggested the CBN should print enough quantity of the redesigned naira notes before phasing out the old ones.

According to him, the time frame should be such that it will be enough to print more of the redesign naira notes before they can recall the old notes.

“The deficit was too much, you are removing about N2 trillion old notes from circulation and replacing with about N400 billion.”

Miracle Edosa, a trader at Ikpoba Hill Market, said she had started accepting the old N500 and N1,000 notes for business transactions.

“Traders around me are collecting and I am collecting too.

“I learnt that some people are not accepting the old money. My prayer is that everyone accepts the money as legal tender to make things easy in the country,” Ms Edosa said. 


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