The Rejection Of The Old Naira Notes In The Market || My Experience
hive-197685·@nkemakonam89·
0.000 HBDThe Rejection Of The Old Naira Notes In The Market || My Experience
*The issue of redesigning naira notes has been ongoing for a while now in Nigeria. Many Nigerians didn't like this idea, we believe that there are more other pressing issues to deal with other than redesigning notes but the Central Bank of Nigeria (CBN) aren't ready to make a U-turn with the redesigning policy and so we have to dance to their tune to carry on with the buying and selling to survive*.  [Image source](https://www.pexels.com/photo/currency-in-nigeria-5671470/) *For the past 3 days, I have been receiving calls from my relatives in other states here in Nigeria asking if I have deposited any cash I have in the bank in exchange for the new money. They expressed their worries over the lack of circulation of the new money and how traders do not want to accept the old note in exchange for goods. I didn't understand their plight until I went to the market yesterday to restock the foodstuffs at home. It was so frustrating in the market. The CBN has given Nigerians a deadline of 31st January 2023 to deposit all old notes and switch to the new notes but the new notes are nowhere to be found. Traders are really scared of collecting the old notes even before the deadline likewise the public drivers for transportation*. *It's the weekend, and the government authorized the banks to work to accept the deposit of old notes from people but there are just a few new notes in circulation. I tried visiting the bank first to get the new Note but it wasn't available. Imagine, making rules without adequate preparations. I didn't have an option but to use the POS to withdraw the old notes for my shopping 🛒*. *The shopping took me longer than expected because many traders kept rejecting the old notes especially when I saw something nice to buy. It was frustrating yesterday but I was in ultimate search of sellers that can still accept the old notes, I succeeded but spent much time in the market*. *Right now, I have no cash with me, I exhausted all I withdrew to avoid having useless cash. I really hope that from 1st February, the new notes can be in higher circulation to enable people to carry out their exchanges in peace. For now, I can only be doing transfer for any item I want to buy*. 
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