Bayelsa Residents Protest Over Rejection of Previous N500, N1000 Notes

Residents of Akenfa neighborhood, in Yenagoa Native Authorities Space of Bayelsa State, on Friday, took to the streets to protest the continued rejection of the outdated N500 and N1000 notes by merchants within the state.

The protesters, made up of principally ladies, youths and a handful of males, displayed placards with numerous inscriptions together with “Financial institution refuses the outdated money however they’re nonetheless dishing out it, why?” and “Consideration, Consideration, we’re dying, banks give outdated notes however entrepreneurs reject it.”

Financial Editorial recollects that the Supreme Court docket had ordered that the outdated N500 and N1000 notes needs to be allowed to be in circulation together with the brand new notes till December 31, 2023.

Nonetheless, the aggrieved residents blocked the key Mbiama-Yenagoa Street for hours, crippling vehicular motion and business actions across the Akenfa axis.

Lamenting their ordeal, one of many residents, Mrs Debora Ebi, stated they will’t additional address the way the outdated banknotes are rejected within the state, including that the costs from POS are very horrible and excessive.

Expressing frustration over the continued rejection of outdated N500 and N1000 notes, she stated her incapacity to do any transaction has made her household weak to starvation because the financial coverage got here into being.

A dealer, Madam Tokoni stated banks are giving outdated naira notes however refuse to simply accept deposits of the outdated naira be aware from clients.

A former Bayelsa State Civil Liberties Organisation (CLO) secretary, Comrade Alagoa Morris stated the problem is a transparent case of “when two elephants struggle, the grass suffers.”

He stated: “As a matter of reality, it’s unhappy, unlucky and really unacceptable this struggling that has decreased Nigerian to the extent the place their dignity as human beings have been denied them, together with avoidable deaths. The continued denial of money even after the Supreme Court docket’s ruling speaks volumes that it is a nation the place the rule of regulation shouldn’t be practised.”