Traders in major markets and shop owners in Sokoto metropolis, Northwest region Nigeria have begun rejecting the old N200, N500, and N1,000 notes, SaharaReporters has gathered. The Central Bank of Nigeria had stipulated January 31, 2023, as the deadline for issuance and circulation of the old N200, N500 and N1,000 denominations of the country's currency following the introduction of new banknotes.
January 25, 2023A visit to some markets on Tuesday afternoon in Sokoto revealed that about eight out of every 10 traders in the state no longer accepted the old naira notes as legal tenders.
SaharaReporters had reported that with a few weeks to the deadline given by the Central Bank of Nigeria for the use of the old naira notes, a cross-section of Nigerians across the country have lamented the scarcity of the new naira notes. Further checks by SaharaReporters showed that Nigerians were seen in long queues in various bank branches in the state to beat the January 31 deadline.
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