The House of Representatives has been advised to put the old and new naira note debate aside and concentrate on more important issues facing the nation.
In response to the House of Representatives’ directive to the Central Bank of Nigeria to remove old Naira notes worth N200, N500, and N1000 from circulation and increase the availability of new notes by December 31, 2024, a variety of traders in different markets in Umuahia, Abia State, made these calls on Friday morning.
In response to the call, the merchants expressed gratitude to the Central Bank of Nigeria for providing prompt explanation on the issue, stating that the CBN’s stance eased the stress caused by the House of Representatives’ earlier directive.
Some of the vendors at the Orie Ugba and Isi Gate markets in Umuahia, such as butcher Mr. David Nduzuoke, tomato vendor Franca Deborah, and cosmetics vendor Kalu Igu, recalled the challenging circumstances they encountered during the cash shortage from December 2022 to the first quarter of 2023.
The traders claim that if the CBN hadn’t acted quickly, the mere suggestion of old naira notes might have caused serious economic worry.
They contended that while some traders may have started storing the new notes in anticipation of any impending scarcity, many would have started rejecting the old ones as early as October.
“We appreciate the CBN’s prompt rejection of the House of Representatives’ call. Our elected representatives have gone there to focus on less significant issues.
“They should forget about old or new naira and enact laws that will lower the cost of fuel, generate jobs, or boost the economy.” Nduzuoke, the butcher at Orie Ugba, stated, “They shouldn’t remind us of what we endured during Emefiele’s time.”
The CBN has allayed Nigerians’ concerns that the old notes will no longer be accepted as legal tender by the end of December 2024 by reassuring them that they will stay so indefinitely through Sidi Hakama, its acting Director of Corporate Communications.
Remember that Afam Ogene (LP, Anambra) had submitted a motion of national importance requesting that the CBN start removing the old N200, N500, and N1000 notes from circulation and make more fresh ones available.
