Latest news about old naira note

Here are the latest news updates about the old Naira note:

Latest Update (February 2023): The Central Bank of Nigeria (CBN) has announced that the old Naira notes (N200, N500, and N1,000) will no longer be accepted as legal tender from February 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 the amount of cash in circulation, promoting digital payments, and tackling inflation.

Reasons for the Change: The CBN cited several reasons for the change, including:

  1. High cash circulation: The old Naira notes were in circulation for over 20 years, leading to a high amount of cash in circulation.
  2. Inflation: The high cash circulation was contributing to inflation, as it encouraged people to hold cash rather than using digital payment methods.
  3. Counterfeiting: The old Naira notes were vulnerable to counterfeiting, which was affecting the economy.
  4. Digital Payments: The CBN wants to promote digital payments and reduce the use of cash.

Impact: The change has had a significant impact on the economy, with many Nigerians struggling to access new Naira notes. There have been reports of long queues at banks, ATMs, and currency exchange points. Some businesses have also been affected, as they are unable to accept the old Naira notes.

Government Response: The Nigerian government has set up a committee to address the challenges caused by the change. The committee is working to ensure that new Naira notes are available in sufficient quantities and to address any issues related to the change.

Public Reaction: The public has been divided on the issue, with some supporting the change and others opposing it. Some have expressed frustration with the lack of new Naira notes and the difficulties they are facing in accessing them.

Conclusion: The change from the old Naira notes to new ones is a significant step towards promoting digital payments and reducing the amount of cash in circulation. While it has caused some challenges, the long-term benefits are expected to be positive for the economy.