Current news on old naira notes

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

Latest Update (March 3, 2023): The Central Bank of Nigeria (CBN) has announced that it will no longer accept old Naira notes (N200, N500, and N1,000) as legal tender from March 10, 2023. This means that anyone holding these notes will no longer be able to use them for transactions.

Background: In October 2022, the CBN announced that it would be withdrawing the old Naira notes from circulation and replacing them with new ones. The move was aimed at reducing counterfeiting and promoting financial inclusion.

Current Situation: As of March 3, 2023, many Nigerians are still struggling to exchange their old Naira notes for new ones. Banks and other financial institutions are reportedly overwhelmed with the volume of customers seeking to exchange their old notes, leading to long queues and delays.

Protests and Demonstrations: There have been reports of protests and demonstrations across the country, with some Nigerians expressing frustration and anger over the CBN's decision to withdraw the old notes. Some have accused the government of not providing adequate alternatives for those who are unable to access new notes.

Economic Impact: The withdrawal of the old Naira notes is expected to have a significant impact on the Nigerian economy. Many businesses are already reporting difficulties in operating due to the lack of access to new notes, and there are concerns that the move could lead to a recession.

Government Response: The Nigerian government has defended its decision to withdraw the old Naira notes, saying that it is necessary to reduce the circulation of counterfeit notes and promote financial inclusion. The government has also announced plans to provide alternative means of payment, such as mobile money and digital payments, to help alleviate the situation.

International Reaction: The withdrawal of the old Naira notes has also attracted international attention, with some countries expressing concerns over the potential impact on global trade and commerce.

Key Quotes:

I hope this information is helpful. Let me know if you have any further questions!