ONE clear month to the deadline for the use of the old N5, N10 and N50 paper notes, Nigerians, especially traders and transporters, are rejecting them as legal tenders already.
The Central Bank of Nigeria (CBN) had last year introduced the polymer notes to replace the three denominations and gave a six-month grace to phase them out.
But ahead of the expiration of the months of grace expires by the end of this month, the notes are being rejected.
According to some people who spoke with the Nigerian Compass, the notes were being rejected because the deadline for its usage as legal tender was close, adding that they did not want to be caught unaware.
A commercial bus driver plying the Oshodi-Sango route, Mr. Raimi Olokooba, said: “I cannot collect that money because it will soon expire. They said it is March 31 and I may not be able to spend it if I collect it.
“What will I be doing with expired money inside my house? I don’t have a bank account and the process of changing the money in bank is horrible.
“I know what I went through the last time they changed the money. I still have some N5 and N10 notes in my house. Those in the banks did not answer us then. So, I don’t want the same thing to happen.”
A trader at Maryland, Lagos, who identified herself as Mrs. Owolabi, said she started rejecting it when people refused to collect the paper notes from her.
She said that she had no intention of rejecting the paper notes, but had to do so as people who she patronised rejected the notes from.
Her words: “I was at Balogun Market to buy some things and the person I usually buy my stocks from rejected the money. I pleaded with her but she refused, then you want me to accept it. No, I have stopped collecting it.
“I don’t go to bank. Even if I go, how much will I say I want to change and they said that the money will expire by March ending? Where will I keep the expired one. I cannot go through the trouble of changing money in the bank, I have experienced it before and I don’t want that kind of experience again.”
But many Nigerians expressed shock when drivers and traders rejected the paper notes and demanded to be paid in polymer notes, even 30 days to the expiration of the deadline.
