Experts have warned that the scarcity of the new banknotes and widespread rejections over reported counterfeiting would threaten smooth business transactions and the economy if the associated issues are not properly handled.
This comes as Nigerians, especially the rural folks, continue to complain about the unavailability of the redesigned notes. Rejection has continued to mar the circulation of the notes across different parts of the country.
Speaking on his experience, an Abuja-based driver, Nicholas Omoruyi, told The Guardian that some passengers have, at different times, turned down balances paid in new notes. According to him, several passengers claim the new notes are fakes. Also, Yemisi Odunayo, who owns a provision shop at Suleja Market, informed The Guardian that her customers constantly reject the new notes when she gives them balances.
Speaking on the development, Prof Sheriifdeen Tella, an economist, said the scarcity of the new notes is not surprising as the apex bank is on course to cash holding in favour of a cashless economy. On the rejections, Tella charged the CBN to embark on an aggressive awareness programme.
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