Residents in Oyo are gripped by panic when food vendors, motorcycle riders, and others reject outdated notes.


Panic has gripped some residents of Oyo State over their inability to use the old naira notes to buy some essential goods, DAILY POST reports.

Our correspondent learnt that some business owners, food vendors and commercial motorcyclists in some parts of Oyo state have rejected the old naira notes.

The rejection of the old notes is coming amidst the scarcity of the newly redesigned naira notes.

The Central Bank of Nigeria, CBN, had, a few weeks ago, introduced the newly redesigned N200, N500 and N1000 denominations across the country, giving January 31, 2023, as the deadline for the exchange of old notes.

The apex bank had also directed commercial banks to fill their Automated Teller Machines (ATMs) with the newly redesigned naira notes.

DAILY POST observed that some people who provide essential services have been rejecting the old naira notes.

It was gathered that the majority of the banks in major towns and cities such as Ibadan, Oyo, Ogbomoso, Iseyin and Saki are not giving new notes to their customers nor do their ATMs dispense new notes.

Though there is no report of rejection of the old notes in Ibadan, the state capital, our correspondent has confirmed that food vendors, commercial motorcyclists and some shop owners have been rejecting the old naira notes in Iseyin, Oyo, Ogbomoso and Saki towns since Monday.

Residents of the areas who spoke with DAILY POST on Wednesday lamented that some people who provide essential services in their areas have been rejecting the old notes since Monday.

They said that the worse aspect was that they were not getting the new notes from the banking halls and ATMs.

A native of Iseyin, Mr. Rufus Adeoti, said that people in his area have been rejecting the old naira notes even though he has not seen the new notes.

“They have been rejecting the old notes, and I am yet to collect the new notes,” he said.

A resident of the Surulere community in Iseyin said that a trader in her area rejected the old naira notes from her sister.

“Yes. A trader in my area even rejected old money from my sisters yesternight in Iseyin,” she said.

Another resident, Mr. Saheed Salam, said that some people who provide essential services are now asking customers to make transfers instead of paying in cash.

He added that market women in Iseyin have joined the league of people rejecting old naira notes.

He said, “Yes. People are nervous here. They only welcome transfers. The new notes are not given by banks, and POS agents are also not helping matters.

“Funnily enough, bride price might be rejected with the old notes, even in Saki. Even market women are rejecting it”.

DAILY POST correspondent learnt that what is happening in Iseyin and Saki in the Oke Ogun zone is not different from what is happening in Ogbomoso, the second largest city in the state.

A native of Ogbomoso, who did not want his name in print, said that commercial motorcyclists in some parts of Ogbomoso, such as Takie and Ojagbo, have been rejecting the old notes since Monday.

He said, “Yes. Mostly commercial motorcyclists. Areas such as Takie bus stop and Ojagbo Ogbomoso”.

A resident of Oyo, Mr. Lasisi Adewale, said that food vendors in Oyo town had copied their counterparts in Iseyin and Ogbomoso.

“Yesterday, I wanted to buy food but they asked for the new notes and I do not have it. I have not even collect it,” he said.

DALYPOST