Ibadan Residents Raise Alarm as ₦5, ₦10, ₦20 Notes Face Rejection From Traders, Beggars
Residents of Ibadan have expressed growing concern over the increasing rejection of lower denomination naira notes, particularly ₦5, ₦10 and ₦20 notes, by traders, beggars and some transport operators across the city.
Findings show that many traders no longer accept the notes for purchases, while some transport operators are also unwilling to collect them as fares, making it difficult for residents to use the notes in everyday transactions.
Some beggars at major streets, markets and traffic points have also reportedly become reluctant to accept the lower notes when offered as alms, and often used body language to reques higher denominations instead.
Residents said the development has come as a surprise and reflects the harsh economic realities facing many people.
Many residents noted that the situation has created embarrassment and inconvenience, especially for those who still receive the denominations as change in markets and commercial vehicles.
Traders and transport operators, however, attributed the trend to the declining purchasing power of the notes, explaining that the amounts can no longer buy meaningful items and are often difficult to reuse in subsequent transactions.
Residents are therefore calling on the government and the Central Bank of Nigeria to ensure proper circulation of all denominations and introduce policies that will improve the value of the naira and make essential goods more affordable.
They also urged relevant authorities to sensitise the public on the need to accept all legal tender in order to prevent disruptions in daily economic activities.
Ibadan Residents Raise Alarm as ₦5, ₦10, ₦20 Notes Face Rejection From Traders, Beggars
Byadmin
Apr 25, 2026