Kano: Traders cry out over deadline on old naira notes, CBN storms market

The chairmen of Galadima, Sabon Gari, Wapa, Kwari and Kofar Wambai markets association, Alhaji Mustapha, Alhaji Saleh Umar Kura, Alhaji and Abba Muhammad Bello, have identified inadequate circulation of new notes as a major hindrance to business activities.

They made the assertion on Thursday when the Central bank of Nigeria (CBN), visited Kano’s major markets to sensitize traders on the new naira notes.

They hinted that traders in rural areas do not possess bank accounts to deposit their cash, while others receive goods from major marketers on credit and present cash for payments.

However, it will be recalled that “M banks have given us a deadline of January 22nd as the last day for collection of old naira notes”

The market chairmen appealed to the federal government and relevant stakeholders, to consider the plight of business owners and extend the deadline to achieve the desired objectives.

It will be recalled that the Central Bank of Nigeria (CBN), had set January 31st as the last day the old N200, N500 and N1,000 would cease to be legal tenders.

The markets include Galadima, Sabon Gari, Wapa, Kwari and Kofar Wanbai Market.

Speaking during the visit, the Branch Controller CBN Kano, Alhaji Umar Ibrahim Biu, urged traders to embrace the new naira notes, by visiting their banks and other financial institutions, to exchange the old notes.

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According to him the redesign of the naira notes was aimed at addressing corruption, inflation as well as boosting the nation’s economy.

The branch controller stressed that, the old naira notes are still valid till 31st January 2023, saying that the Apex bank, had issued the new naira notes to banks and financial agents, to ensure adequate circulation.

“CBN agents are going around to ensure banks comply with the directives of dispensing the new notes via ATM “

Earlier, the State Director, National Orientation Agency (NOA) Kano office, Alhaji Salisu Waziri Kutama, charged traders to desist from rejecting the old naira notes before the January 31st deadline.

He cautioned business owners to avoid exchanging their old naira notes, from unverified financial institutions, as fraudsters have started printing fake notes to swindle unsuspecting Nigerians.

“Kano residents should complement government’s efforts by accepting the new naira notes to improve the economy”

In their separate remarks, the Chairmen of Galadima, Sabon Gari, Wapa, Kwari and Kofar Wambai markets association, Alhaji Mustapha, Alhaji Saleh Umar Kura, Alhaji and Abba Muhammad Bello , identified inadequate circulation of new notes as a major hindrance to business activities.