The Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, who announced this extension, explained that it was necessitated by people refusing to accept the old versions of the new notes, weeks before their expiration date.

He said that the government had instructed the Police to arrest anybody found refusing to accept the old notes as legal tender.

An old woman, who roasts plantain on a popular road in Egbeda, Lagos State, told this reporter, on the condition of anonymity, that "only a stupid petty trader will allow herself to be stuck with useless old notes."

When told that an indefinite deadline had been set for procuring new notes by government, she quickly retorted: "You know things can change suddenly. We don't like taking chances."

However, a young lady working with an Oil and Gas company in Apapa, Lagos State, said: "I never select the old notes. I in to my bank every Friday and exchange them for the new ones.