The unveiling of a new N100 note in 2014 to celebrate Nigeria’s centennial years of amalgamation brought a new face to the existing N100 note.
The new note was introduced with a different shape and look. Its introduction however brought happiness and beauty to the face of the currency.
It was a thing to own years ago. The introduction of a new note however did not put into extinction the old hundred naira (N100) note. It is an interesting fact that both the old and new hundred notes are acceptable means of exchange in the country.
Aside the fact that both the old and new notes are acceptable, it is worthy of note that the hundred naira has ranges of importance in the country.
For instance, it is the most used Naira note in the as the lower denominations have become less valuable. It is also believed in some quarters that the N100 note stands as the most abused Naira note in the country today.
Though with the existence of two different hundred naira notes, it has been noted for some months now, how unfit, rough, and dirty the N100 notes in circulation have become.
Apart from the horrible looks of the note and other smaller notes, it has also become a major complaints of citizenry how scarce the new and crispy notes has become in circulation. Nevertheless, even the commercial banks at different times; have shifted blames to the Central Bank of Nigeria for the shortage for clean N100 notes in circulation.
Most N100 notes spent these days are torn, taped with transparent or paper tape all over, rumpled to the extent that the printing on the note have become unnoticeable.
It now wears the look of an over-cooked pumpkin leaves or even an over-sunned vegetable leave. It looks so dejected that at times people are scared to touch it as if it has leprosy. Rejecting to accept the defamed note these days makes it look like an object of jest.
The recycling process ongoing with the N100 is becoming unbearable for the users of these notes.
Yinka Adesanya, a civil servant, complained of a verbal confrontation that ensued between a bus conductor and him because he was offered a tattered and taped note as a change during a trip.
He was of the notion that the Central Bank of Nigeria, who is responsible for the circulation of currency, has been failing in the duties and the citizens have to suffer for it. “You can barely find a clean N100 note anywhere these days,” he told New Telegraph.
New Telegraph also witnessed a provocative argument between a tricycle rider and a passenger named simply as Miss Joy.
She narrated how she boarded the tricycle commonly called keke from Leventis to Ikeja under-bridge. She said she gave him (the driver) a clean two N200 in order to collect N100 as change. She was surprised when the driver handed her a dirty, smelly and worn-out N100 that was rejected by a passenger. It was an annoying sight when the driver even made jest of her just because she rejected the tattered note.
She tried to explain that she was not in the habit of rejecting currencies but some of these N100 notes out nowadays are too rough for means of currency exchange within the states and country as a whole. She lamented that she has many of such in her bag, hence, she cannot add that one to them for fear that it might not also be collected from her. Joy however jokingly commented on the rate at which the currency is recently leading to unnecessary disagreement between drivers, riders and passengers and even in market places.
In a chat with Sodiq Bolaji, “I know it will be very expensive for Central Bank of Nigeria (CBN) to print new notes but anyhow, I think some of us have come to accept the note as it is because it’s been a while since we last saw clean notes”. Sodiq confessed how he always spent a bad note on the same day he is given, especially on transportation. He concluded that “all we could do is to hope that new ones will be printed soon.”
In addition, Peace Obed, a trader said:“That is how we make use of the note in the markets. And not only that, while there is abundance dirty and worn out N100 notes, there is high scarcity of N50 notes. Often times, we clash with our customers over lack of N50 as a means of change or rejection of dirty and torn N100 notes, what do we do in such circumstances,” he asked.
New Telegraph had to resolve an encounter between a bus driver and a passenger where the passenger was ranting how the N100 note he was given was nothing to write home about. He said that the conductors do this on purpose; “they give us-passengers the very bad and ugly ones and they keep the ones that are manageable in their pockets, instead of using it to buy fuel or take it to the bank. This conductor is giving me this; by the time I collect to give to another conductor, he will not want to accept it. I am always a victim of this bad naira notes from them (conductors).
So, today, I say no more of such,” he vowed.
Okereocha Emmanuel, an accountant complained how roughs the N100 note adversely affecting transactions among the public.
“It is really affecting both the consumers and sellers in the sense that if we keep on rejecting and rejecting, we don’t know how we will keep stock on it, “he said.
He submitted that the earlier the government does something about the issue, the better for the populace. He further said that the Central Bank had at a time claimed that they had printed out new notes but it seems to us that those new notes are being withheld somewhere because they are not in circulation for all to use.
The situation of the bad N100 note is now prominent and drawing the attentions of everyone, both old and small in the state. Perhaps the intervention of the government is required urgently.
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