Following the introduction of the new redesigned naira notes, commercial banks in major cities in Nigeria have started paying out the newly redesigned naira notes to over-the-counter customers.
According to report, circulation of the new notes have been slow on the first day of many branches of commercial banks in Lagos state, Abuja among others, as many were yet to receive the new notes, as at Thursday.
Similarly, virtually all Automated Teller Machines(ATMs) across Lagos state, are still dispensing the old notes with the exception of those on Lagos Island and Victoria Island.
The colors of the old notes were kept, however they were switched around. The new N200 notes, for example, appear to be the same color as the N10 notes, the new N500 notes appear to be the same color as the N20 notes, and the new N1000 notes appear to be the same color as the N50 notes.
While some Nigerians have embraced it, there are others who may not be aware that the currency is in circulation.
On Thursday, a conductor rejected the new redesigned 1000 note from a female passenger.
According to reports, the lady had boarded the commercial bus to work and paid the conductor with the new N1,000 note but he refused to collect it saying “”I never know this money”
The conductor, fearful of being duped, stated that he cannot collect the money since he is unfamiliar with it. The lady, on the other hand, protested that she had no further money on her.
The conductor, who was doubtful about the money’s validity, advised the lady to exit the bus and board another bus because he didn’t want to risk collecting the money.
Before he eventually collected it, several passengers pleaded on her behalf and urged the conductor to take the money because it was already in circulation.
While some Nigerians have criticised the new banknotes’ hue, others have faulted the quality, attributing the designs to the naira’s depreciation, while still others believe the N1000 notes, in particular, are counterfeit.