Residents in Ogun State continue to reject old N500 and N1,000 notes despite the directive from the Central Bank of Nigeria (CBN) to accept them as legal tender. This is causing difficulties for motorists and business operators who need to transact with the old banknotes.
The Ogun Today’s investigation reveals that accessing both new and old banknotes from banks is difficult, and Point of Sales (POS) operators are selling N1,000 notes for between N1,400 and N1,500, making it even harder for people who need cash for their daily transactions, especially in situations where online transfers are not applicable.
Many banks do not have cash to dispense, and their networks are slow, with customers encountering errors. As a result, customers queue up for hours, and some even sleep in bank premises to be attended to first the next day.
Residents are forced to buy cash at a higher cost to enable them to carry out their transactions. Market operators in rural areas only accept cash, not transfers.
One resident, Gbadebo Shoyoye, reported buying N30,000 with N42,000 because he needed cash for transactions that could not be done online. He has spent three days trying to get cash from the bank without success, and is now left with no option but to buy cash at a higher cost.
Another resident, Ogungbemi, bought N10,000 with N15,000 after spending days in the bank premises without success.
This situation has left many people struggling to buy food. They are calling on the state government and security agents to arrest those trading on naira.
