News about old naira note

You're referring to the old Naira notes in Nigeria! Here are some recent news updates about them:

Latest Update (March 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 April 10, 2023. This means that anyone holding these notes will not be able to use them for transactions, and they will be considered invalid.

Background:

In October 2022, the CBN introduced new Naira notes (N200, N500, and N1,000) to replace the old ones. The move was aimed at reducing counterfeiting, promoting financial inclusion, and improving the overall efficiency of the financial system.

Protests and Controversies:

The introduction of the new Naira notes was met with widespread protests and controversies. Many Nigerians were unhappy with the sudden change, citing issues such as:

  1. Inadequate notice: Many people felt that the CBN did not give sufficient notice before introducing the new notes.
  2. Limited access to ATMs: Some ATMs were not dispensing the new notes, leading to difficulties for people who needed cash.
  3. Inconvenience: The change caused inconvenience for many Nigerians, particularly those who relied on cash transactions.

Government Response:

The Nigerian government has responded to the criticisms by:

  1. Extending the deadline for the old notes to be deposited at banks.
  2. Increasing the number of ATMs dispensing the new notes.
  3. Providing additional support for vulnerable groups, such as the elderly and those living in rural areas.

What's Next:

As the deadline for the old notes approaches, it's essential for Nigerians to take note of the following:

  1. Deposit old notes at banks: People are advised to deposit their old notes at banks before the deadline to avoid any issues.
  2. Use alternative payment methods: With the introduction of digital payment methods, such as mobile wallets and online banking, it's recommended to use these alternatives to avoid any inconvenience.
  3. Monitor updates: Keep an eye on official announcements and updates from the CBN and other relevant authorities to stay informed about any changes or developments.

I hope this information helps!