Supermarkets, Eateries, Traders, Others Begin Rejecting Old Notes Ahead of CBN Deadline

Supermarkets, Eateries, Traders, Others Begin Rejecting Old Notes Ahead of CBN Deadline

  • Some supermarkets, eateries and petty traders have begun to reject the old naira notes
  • Most of the supermarkets notified their customers via notices and text messages that they won’t accept the old notes few days before the CBN deadline
  • The Central Bank of Nigeria have commenced sensitisation of Nigerians about the new naira notes

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Various businesses, including supermarkets, eateries, and petty traders, have begun to reject the old naira notes ahead of the January 31, 2023, deadline set by the Central Bank of Nigeria for the cessation in circulation of old naira notes.

A popular clothing outfit, Ruff ‘n’ Tumble has informed its costumers, via text messages, that it will stop accepting the old naira notes two days before the deadline, according to a BusinessDay report.

Supermarkets in Nigeria, shops
Supermarkets and eateries begin rejecting old naira notes Credit: Luis Alvarez
Source: Getty Images

Supermarkets and traders send messages to customers

The text message reads:

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“In accordance with the CBN directives, we will no longer accept old naira notes in our stores from 29th January 2023. Thank you for your understanding,” the message stated.

Also Spar Market, an Indian-owned supermarket chain in Nigeria, has said that from January 25, 2023, it will no longer receive old naira notes from customers.

A notice pasted at the entrance of the supermarket at its Opebi outlet states that customers who wish to pay using the old naira notes have until January 25 to do so, or they would have to use their debit cards or pay via QR codes.

Also, Shoprite has issued notices to its customers that it will adhere strictly to the CBN deadline of January 31, 2023.

Furthermore, a visit to the popular markets across Nigeria shows that many market women and petty traders are fully aware of the CBN deadline and have started telling their customers that they will not accept the old naira notes before the end of the month.

Eateries remind customers

Some eateries and popular hangout spots across Lagos and in some parts of Nigeria have also notified their customers and patrons that they will not accept the old naira notes a few days before the deadline.

A popular eatery in Lagos, Chicken Republic, has told its customers via notice boards, that it will stop accepting the old naira notes five days before the deadline across all its outlets in Nigeria.

CBN reiterates January 31 deadline

In a message on its Twitter page, the CBN advised Nigerians to return their old naira notes before the January 31, 2023 deadline.

The apex bank said;

“You are once again advised to return them to your bank before the deadline.”

The bank has begun sensitising Nigerians to the new naira notes by telling them about the features of the newly redesigned notes.

The bank said it is distributing the new naira notes via the banking system and said the new notes are amply available despite their scarcity at bank ATMs.

“We are distributing it through the banking system; the channel through which money is distributed. And as transactions take place you will be having the new one," CBN said:

CBN speaks on why It stopped over-the-counter withdrawal of new naira notes earlier reported that the Central Bank of Nigeria (CBN) has revealed reasons it stopped banks from issuing the new naira notes from across the counter.

The bank’s Director of Legal Services Department, Kofo Salam-Alada said the CBN will be tough on banks that continue to fill their ATM machines with old naira notes as January 31, 2023 approaches.

According to the CBN, it has already started monitoring banks still dispensing old naira notes via their ATMs.


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