Current news on old naira note

Here are some current news updates on the old Naira note:

Latest Update: The Central Bank of Nigeria (CBN) has extended the deadline for the exchange of old Naira notes to January 31, 2024. This is the fifth time the deadline has been extended since the policy was introduced in October 2022.

Background: In October 2022, the CBN announced that it would be withdrawing the old Naira notes (N200, N500, and N1,000) from circulation and replacing them with new ones. The move was aimed at reducing the amount of cash in circulation and promoting digital payments.

Current Situation: Despite the extension of the deadline, many Nigerians are still struggling to exchange their old Naira notes for new ones. There have been reports of long queues at banks and ATMs, as well as complaints about the scarcity of new notes.

Government's Response: The Federal Government has assured Nigerians that it is working to address the challenges associated with the currency swap. The Minister of Finance, Budget, and National Planning, Zainab Ahmed, has said that the government is committed to ensuring that all Nigerians have access to new Naira notes.

Economic Impact: The currency swap has had a significant impact on the Nigerian economy. Many businesses have been affected, and there have been reports of price increases and shortages of essential goods. The Nigerian Stock Exchange has also been affected, with many stocks experiencing significant declines in value.

Public Reaction: The public reaction to the currency swap has been mixed. While some Nigerians have welcomed the move, saying it will help to reduce corruption and promote digital payments, others have criticized the government for the inconvenience and hardship caused by the policy.

Recent Developments: In recent days, there have been reports of armed robbers targeting banks and ATMs in an attempt to steal new Naira notes. The police have warned Nigerians to be vigilant and to report any suspicious activity to the authorities.

Conclusion: The currency swap policy has been a contentious issue in Nigeria, with many Nigerians struggling to adapt to the new system. While the government has extended the deadline for the exchange of old Naira notes, many challenges remain, and it is unclear when the situation will return to normal.