Small businesses grounded in Kano as traders reject old Naira notes

There is huge controversy and confusion surrounding the new Naira notes as traders in Kano have currently stopped collecting old notes from buyers for fear of not meeting the January 31st deadline.

The current fear among traders has now begun to ground small businesses.

Despite CBN’s threat of sanctioning banks who refuse to issue the new Naira notes, banks are currently swamped by hundreds of depositors with only old notes.

Some traders who spoke to our Correspondent claimed that if they collect the old notes as small businesses, they would have nowhere to take the money to since banks also only have old notes.

Those mostly affected by the situation are food vendors, beverage sellers, groceries stores and many other roadside sellers.

Hajiya Hadiza insisted that she would stop collecting old notes since she doesn’t know what to do with them.

“Believe you, me, I’m stopping collecting old notes from tomorrow because honestly, I’m deeply afraid that I have no place to change them”, Hadiza said.

Hadiza’s fear may be justifiable as most of the banks visited by our correspondent are still dispensing old notes despite the CBN directive to stop.

Customers were seen as early as 5am hanging around the banks with the hope of being allowed into the halls to deposit their money but many went home disappointed.