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Refusal to accept old naira bills: Nigerian governor shuts down popular supermarket and warns others

14/02/2023
Source : ORISHAS FINANCE
Categories: Economy/Forex

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Wellcare is a popular supermarket in Nigeria. On Sunday, February 12, 2023, the Kano State Government closed this supermarket due to its refusal to accept old naira bills. He took the opportunity to warn that the same fate awaits other business owners who refuse to collect old naira bills.

The supermarket was closed shortly after Governor Abdullahi Ganduje gave the order, according to Baffa Babba Danagundi, acting president of the state Consumer Protection Council. According to Danagundi, the closure followed WellCare Supermarket's refusal to accept old naira bills from customers contrary to the state government's directive.

Furthermore Wellcare Alliance Limited has apologised in a letter to the government, requesting immediate action to reopen the supermarket. In reality, there is a shortage of cash in the system, forcing many Nigerians to queue for long hours at banks and ATM galleries to withdraw rationed cash. The policy also affects businesses, with many business owners lamenting poor sales due to lack of liquidity in the system.

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