FoodCo, Kilimanjaro, Other Outlets Reject Old Naira Notes in Ibadan

Controversies have emerged as scarcity of naira notes worsens in Ibadan and major towns in Oyo State, where some supermarkets and eateries have started rejecting old naira notes from customers.

This is just as Point of Sale (PoS) operators are smiling to the bank as they now charge 20 to 30 per cent on cash withdrawn by customers.

The development forced many customers to opt for digital payment while some caused chaos in the supermarkets and restaurants.

At the popular FoodCo Supermarket, it was observed that customers could not pay for goods bought with old naira notes.

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When asked why they would not collect the legal tender because they were yet to be declared illegal by the Central Bank of Nigeria (CBN), the sales girls simply said: “We have been instructed not to collect them.”

Angry at such position, a customer requested to see the manager who gave the directive but they explained that it was a management decision, not that of a manager.

The experience was the same at the popular Kilimanjaro restaurant. The sales girls said the same, pointing out that the directive came from the head office, and that they were yet to receive a contrary directive.

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Residents also complained that many petrol stations have been rejecting the old notes since Thursday in an effort to beat the February 10 deadline earlier announced by the CBN.

Meanwhile, some state governments have dragged the Federal Government (FG) to the Supreme Court over the policy while the Council of State has also advised the FG to ensure production of the new notes and allow both old and new notes to co-exist till the new notes are sufficiently circulated, following how Nigerians are facing woes over the scarcity.

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The situation is frustrating many residents as they are forced to part with N2,000 on N10,000 cash withdrawal. To escape the high charges, many residents are opting to try their luck at Automated Teller Machines (ATMs), where there are usually long queues.


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Oyo Affairs is an independent news media with the main focus on Oyo state news, politics, current events, trending happenings within and around Oyo state, Nigeria

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