Businesses are now rejecting the $5 note at the backdrop of a spike in the prices of goods and services.
The development also comes after the government had announced plans to introduce new bigger denominations.
We conducted a snap survey which confirmed the development. ZimPricecheck conducted a similar survey on Wednesday and they observed that the $5 note was being rejected mainly in the formal sector. ZimPriceCheck said:
We went out with a wad of $5 ZWL notes to Mbare Musika yesterday and attempted to spend them. Predictably our efforts were in vain as sellers flatly refused to take them. The only shops that were willing to accept these notes were OK, Colcom and Farmer’s shops. Fast food chains unhappily accepted them although the cashier mumbled something about them being useless as she could not give them out as change.
Last year, businesses rejected the $5 bond note which was only differentiated from the incumbent by the words “bond” written across it.
People did not just like that for some reason although the notes looked the same and were worth the same.