Latest news on old naira note

Here are the latest updates on the old Naira note:

Latest Development:

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 not be able to use them for transactions, and they will not be accepted by banks or other financial institutions.

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. Reducing the amount of cash in circulation: The CBN wants to reduce the amount of cash in circulation to reduce the risk of counterfeiting and to promote digital payments.
  2. Tackling inflation: The CBN believes that the old Naira notes are contributing to inflation, and by withdrawing them, it can reduce the money supply and help to bring down prices.
  3. Promoting financial inclusion: The CBN wants to promote financial inclusion by encouraging people to use digital payment methods, such as mobile money and online banking.

Impact on Nigerians:

The change has had a significant impact on Nigerians, particularly those who rely on cash for their daily transactions. Many people have been unable to access their money, and some have been forced to use alternative means of payment, such as mobile money or online banking.

Protests and Criticism:

The change has also sparked protests and criticism from many Nigerians, who argue that the CBN has not provided adequate notice or alternatives for those who rely on cash. Some have also accused the CBN of being insensitive to the plight of the poor and vulnerable, who may not have access to digital payment methods.

CBN's Response:

The CBN has responded to the criticism by saying that it has provided adequate notice and alternatives for those who rely on cash. The CBN has also set up a special task force to help people who are struggling to access their money.

Conclusion:

The change from the old Naira notes to the new ones has been a significant one for Nigeria, and it remains to be seen how it will impact the country's economy and people. While the CBN believes that the change will promote financial inclusion and reduce inflation, many Nigerians are still struggling to adapt to the new system.