• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, June 27, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Traders happy with CBN’s compliance with Court judgment on old banknotes

Naira

The Matters Press by The Matters Press
March 15, 2023
Reading Time: 2 mins read
0
Make cash accessible, remove obstacles —stakeholders plead

Traders in Benin have expressed happiness over CBN’s compliance with the Supreme Court judgment that the old N500 and N1,000 notes remain legal tender till Dec. 31.

RELATED POSTS

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

N1.5trn recapitalisation of Agric bank will herald food security – TMV

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

The Supreme Court, on March 3, in a unanimous decision by a seven-member panel of Justices, held that the old N500 and N1000 should remain legal tender till Dec. 31.

However, the CBN didn’t issue a directive to banks to the effect until Monday, 10 days after the Supreme Court judgement.

The banks, markets, motor parks, supermarkets and pharmacies, observed that the old N500 and N1,000 were being accepted by traders and businessmen as legal tender.

However, there were long queues at the commercial banks.

Speaking on the development, Dr Okwara Udensi, Edo/Delta Chairman, Manufacturers Association of Nigeria, said CBN’s compliance to the court ruling was a welcome development for business men.

Udensi said “It is a good thing because it is going to ease a lot of the cash problems as everyone would begin to heave a sigh of relief.

“The issue of using cash to buy cash will be a thing of the past as my worker had to spend N22,500 to collect N150,000 few weeks ago.

“This is good, let us pray that the cash will start circulating around and things will bounce back to normal by end of the month.”

Also reacting, Mr Noma Iguisi, Edo Chairman, National Association of Small Scale Industialists said, ‘”the CBN has listened to us and this will impact positively in our businesses.”

Iguisi, however, suggested that the CBN should print enough quantity of the redesigned Naira notes before phasing out the old ones.

According to him, the time frame should be such that it will be enough to print more of the redesign Naira notes before they can recall the old notes.

“The deficit was too much, you are removing about N2 trillion old notes from circulation and replacing with about N400 billion.”

Miss Miracle Edosa, a trader at Ikpoba Hill Market, said that she had started accepting the old N500 and N1,000 notes for business transactions.

Edosa said, “traders around me are collecting and I am collecting too.

“I learnt that some people are not accepting the old money. My prayer is that everyone accepts the money as legal tender to make things easy in the country.

Tags: Naira
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

$2.5 billion JBS investment, a big economic victory for Nigeria –  TDF
Economy/Technology

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

June 27, 2025
ActionAid, SWOFON call for urgent completion of BOA recapitalisation
Agriculture

N1.5trn recapitalisation of Agric bank will herald food security – TMV

June 26, 2025
Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
Next Post
Nigeria has not taken decision yet on fuel subsidy

Ghana removes fuel subsidy, creates special fund for refineries

Bayelsa state wants more investment from Shell

Shell resumes oil export from Bonny Oil Export Terminal

Recommended Stories

The journey of Lagos international trade fair

November 20, 2021
Free public transportation for retirees begins in Lagos

Tinubu’s N25, 000 wage award excites pensioners

October 6, 2023
Poor cattle traceability is affecting export opportunities – Butchers

Mbah plans livestock industry in Special Agro-Industrial Processing Zones

September 24, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group
  • N1.5trn recapitalisation of Agric bank will herald food security – TMV
  • Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us