The directive of the Central Bank of Nigeria (CBN) asking commercial banks to receive and dispense the old N200, 500 and N1,000 notes has prompted reactions from residents of Ilorin, Kwara State capital on Tuesday.
On the reasons for their reactions, most of them claimed that the directive is a good development, while others said it will only impact positively if effective and vigorous sensitisation and public enlightenment campaigns are carried out by the CBN to restore the confidence of the people who have been traumatized by the naira crisis.
Traders, transporters and fuel stations in Ilorin are still adamant, despite the CBN announcement. While FCMB and Access banks in the state capital have started to receive and dispense the old banknotes as directed by the apex bank.
According to a resident, the situation will improve if commercial banks dispense enough of the old notes to cushion the effects of the hardship Nigerians have gone through over the naira scarcity, DAILY POST reports.
He further complained that Point of Sale (PoS) operators are not helping the situation with the exorbitant charges they impose on cash withdrawals by customers.
A retired civil servant, Shola Adeshina, who also described the announcement as a positive development, urged banks to make the old naira notes available if there are not enough new notes for circulation.
He particularly sympathised with the people in rural areas where there are no banking services, wondering about the negative effect of the crisis on their rural economy.
A beef vendor, Mama Aishat, complained that despite the announcement by the CBN, they find it difficult to buy cows with the old naira notes from Fulani cattle dealers, who also refuse to accept bank transfers.