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Traders, business centres, POS operators reject old Naira notes in Zamfara

Traders, business centres, POS operators reject old Naira notes in Zamfara

The old Naira notes have been rendered obsolete in Zamfara State, with traders, business centers, marketers, and even Point of Sale, POS, providers refusing to accept them since last week, despite the fact that the deadline for their use has not passed.

Since last week, commercial banks in the state have been clogged as people struggle to deposit their old notes.

The situation has made business extremely dull, as petty traders in many markets, business centers, and shops express palpable fear of losing money if they collect the old notes.

Many POS centers have been forced to close due to complaints that customers deposit old notes in order to meet the deadline.

According to some POS providers, the Central Bank of Nigeria’s deadline was too short, lamenting that the new notes were scarce even in the banks.

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One POS provider, Salisu Ahmad, said going to the bank on daily basis to deposit his old Naira notes has seriously affected his business.

“We spend most of the time we are supposed to be using for our legitimate businesses in the banks to deposit the old notes”, he lamented.

Also affected are buyers of essential commodities, who were left stranded as their old notes were rejected in the market.

Some people appealed to CBN to extend the deadline to enable people, especially rural dwellers, to deposit their old Naira notes in their various banks.

This medium also gathered that even the transporters and commercial motorcycle riders had rejected the old Naira notes, saying they don’t have time to queue up in the banks to deposit them.

Traders, business centres, POS operators reject old Naira notes in Zamfara

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