Several Lagos citizens have expressed sorrow over taking the old N500 and N1,000 notes from commercial banks after the Supreme Court upheld their legal tender status till December 31.
In separate interviews, they informed journalists that spending the two old notes had been difficult since Nigerians, and even banks, were not accepting the money for ordinary transactions.
They were also surprised when banks began paying between N5,000 and N10,000 per consumer two days following the judgment, compared to N3,000 and N5,000 disbursed from their ATMs during the cash swap period.
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Matthew Aburime, a student at Lagos State Polytechnic, Ikorodu, expressed displeasure and stated that he was unable to use the N10,000 he received from a bank.
“As we speak, the money is still with me. I’ve not been able to spend it; the first rejection was from a commercial bus driver,” he said.
Mr Aburime urged President Muhammadu Buhari or Central Bank Governor Godwin Emefiele to make a decision on whether or not to accept it.
A dealer, Daniel Okpulonu, bemoaned the fact that commercial banks urged clients against returning outdated notes to the bank.
“When I realised that these old notes that I was receiving from my bank were not legal tender was when a bank official announced that people who had received the old notes should not bother bringing it back to deposit, as it would not be acceptable.
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“As we speak, I am still going about with the money, looking for where to spend it. All to no avail,” he stated.
Brian Achilefu, a clergy, said it is not a good sign when institutions begin to disrespect the authority of the Supreme Court.
“The CBN should obey the court ruling and do as it ordered so that people and everything can go back to normal,” he said.
Abimbola Alli, a merchant at Okeafa’s Jakande Estate Market, told journalists that she only accepts new notes.
She went to the bank with the few old notes she had accepted from her customers, but she was turned away.
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“Since I couldn’t deposit it in my bank and Okada riders refused to accept it, I decided to stop accepting it,” she explained.
The Supreme Court ruled on March 3 that old naira notes should be allowed to circulate alongside new notes until December 31.
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