Latest news on old naira notes
Here are the latest updates on the old Naira notes:
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 all old notes must be deposited into a bank account or exchanged for new notes by the deadline.
Background:
In October 2022, the CBN announced a policy to redesign the N200, N500, and N1,000 notes to combat counterfeiting and improve the country's economy. The old notes were initially given a 60-day window to be exchanged for new notes, which expired on January 31, 2023.
Consequences:
The CBN has warned that anyone found with old Naira notes after the deadline will be prosecuted. This means that individuals, businesses, and organizations that fail to deposit or exchange their old notes will face legal consequences.
Impact:
The ban on old Naira notes has caused significant disruptions to daily life in Nigeria, with many people struggling to access cash and conduct transactions. The move has also led to concerns about the economic impact, particularly on low-income households and small businesses that rely heavily on cash transactions.
Government Response:
The Nigerian government has set up a special task force to monitor the implementation of the policy and ensure that all old notes are deposited or exchanged. The government has also announced plans to provide alternative payment channels, such as mobile money and digital payment platforms, to help reduce the reliance on cash transactions.
Public Reaction:
The public has been divided on the policy, with some supporting the move to combat counterfeiting and improve the economy, while others have expressed concerns about the impact on their daily lives and the potential for economic hardship.
Key Quotes:
- "The old Naira notes are no longer legal tender. We urge all Nigerians to deposit their old notes into their bank accounts or exchange them for new notes before the deadline." - Central Bank of Nigeria Governor, Godwin Emefiele
- "The policy is designed to improve the economy and reduce the use of fake currency. We are committed to ensuring that all old notes are deposited or exchanged." - Nigerian President, Muhammadu Buhari
Next Steps:
The CBN has announced plans to monitor the implementation of the policy and ensure that all old notes are deposited or exchanged. The government has also promised to provide alternative payment channels to help reduce the reliance on cash transactions.