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Bus Drivers, Traders Reject N5, N10, N50 Paper Notes
- By Saka Khaliq
- Published March 15th, 2010
- MoneyWorld
- Unrated
Although the Central Bank of Nigeria (CBN) has extended the deadline of N5, N10 and N50 paper notes, traders as well as public transport workers are still rejecting the paper notes, BusinessWorld can now reveal.
Investigation shows that virtually all buses on major remote routes in Lagos state are affected, while only drivers in Ikeja, V.I and some urban areas are receiving the denominations. Other buses that are plying Iyana-ipaja, Ikorodu, Sango-Ota, Agege, among other remote areas of Lagos and Ogun States are rejecting the money, calling it an ‘old money’. This, it was learnt at times had resulted into grumble between conductors and commuters, when the passengers bring it out to pay for their fares.
Mr Bayo Alabi, a bus driver that plies Iyana-ipaja from Ikeja said he is yet to be aware that the money still remains legal tender. He stated that the money was expected to remain illegal by March and would not want to have the money at his disposal before the expiration of the deadline. He added that some passengers don’t collect such money when given to them as change and that was why he rejects it from commuters.
When told that CBN has indefinitely extended the deadline, he answered, ‘I did not know and I am not aware’.
However, traders in remote areas of Lagos and Ogun States are constantly rejecting the N5, N10, N50 paper denominations for what they described as ‘old money’. This has made life difficult for people who are in possession of such money and are living in the remote areas of these states.
Investigation shows that virtually all buses on major remote routes in Lagos state are affected, while only drivers in Ikeja, V.I and some urban areas are receiving the denominations. Other buses that are plying Iyana-ipaja, Ikorodu, Sango-Ota, Agege, among other remote areas of Lagos and Ogun States are rejecting the money, calling it an ‘old money’. This, it was learnt at times had resulted into grumble between conductors and commuters, when the passengers bring it out to pay for their fares.
Mr Bayo Alabi, a bus driver that plies Iyana-ipaja from Ikeja said he is yet to be aware that the money still remains legal tender. He stated that the money was expected to remain illegal by March and would not want to have the money at his disposal before the expiration of the deadline. He added that some passengers don’t collect such money when given to them as change and that was why he rejects it from commuters.
When told that CBN has indefinitely extended the deadline, he answered, ‘I did not know and I am not aware’.
However, traders in remote areas of Lagos and Ogun States are constantly rejecting the N5, N10, N50 paper denominations for what they described as ‘old money’. This has made life difficult for people who are in possession of such money and are living in the remote areas of these states.
