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Monday, March 27, 2023

Naira swap directives: Anambra traders take painful decison, shut down markets

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Following the contin­ued refusal of financial institutions to issue the new naira notes amid trading of the notes and now totally re­fusing to accept the old curren­cies, traders across Anambra State have shut down government-owned markets in the state, to protest the anomaly with regard to financial crunch.
The Nkwo Nnewi Market, the Nnewi old and new auto­mobile spare parts market, Nwugo market, fairly used motorcycles market, popularly known as Nwagbara Market, among others were closed as traders protested the conflicting directives over naira notes.
Most of the banks in Nnewi, elsewhere and some pri­vate businesses did not open for business for fear of attack by angry customers or protesters, Daily Independent had reported. 
The CBN governor, Godwin Emefiele, had said February 17, 2023, was the dead­line for the return of the affected old naira notes and at other times said the money would be in use.
President Muhammadu Bu­hari had in his latest address said N200 notes would be legal tender till April 10, while N500 and N1000 notes should be re­turned to the bank.
Banks had since the issuance of all the directives, even against the Supreme Court order, con­tinued to issue their custom­ers with the old naira notes in small quantities and allegedly doing so at negotiable prices of N2000 and above while partner­ing with POS operators who sell the money at N5000 and above depending on the quan­tity needed by the customer.
Businesses had since been hampered due to the new naira issue while traders in Anam­bra had stopped accepting the old naira notes, an action that had increased suffering in the state. 

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