News about the old naira note

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

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 February 10, 2023. This decision was made to curb the hoarding of the old notes and to encourage the use of the new Naira notes.

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.

Protests and Controversies:

The decision to withdraw the old Naira notes has been met with widespread protests and controversies. Many Nigerians have expressed concerns about the lack of access to cash, particularly in rural areas where digital payment systems are limited. Some have also accused the government of not providing adequate alternatives for those who do not have access to digital payment systems.

Court Injunction:

In January 2023, a court injunction was granted to temporarily suspend the withdrawal of the old Naira notes. However, the CBN has appealed the decision, and the Supreme Court has since ruled in favor of the CBN, allowing the withdrawal of the old notes to continue.

Impact on Economy:

The withdrawal of the old Naira notes has had a significant impact on the Nigerian economy. Many businesses have reported a decline in sales, and some have even shut down due to the lack of access to cash. The move has also led to a surge in the use of digital payment systems, with many Nigerians turning to mobile money and online banking services.

Conclusion:

The withdrawal of the old Naira notes is a significant economic policy decision in Nigeria. While the move is aimed at promoting digital payments and reducing inflation, it has also caused significant disruptions to the economy and has raised concerns about access to cash for many Nigerians. The situation is being closely monitored by the government and the CBN, and it remains to be seen how the economy will recover from the impact of this decision.