News on old naira notes

Here are some recent news updates on the old Naira notes:

Latest Update (March 3, 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 after that date.

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 and promoting digital payments.

Protests and Controversy: The plan to withdraw the old Naira notes has been met with widespread protests and controversy. Many Nigerians have expressed concerns about the lack of access to cash, particularly in rural areas where digital payment systems are not well-developed. Others have accused the government of not providing adequate alternatives for those who do not have bank accounts or access to digital payment systems.

Court Injunction: In February 2023, a court in Abuja granted an injunction restraining the CBN from implementing the plan to withdraw the old Naira notes. However, the CBN has appealed the decision, and the matter is still pending in court.

New Developments: In recent days, there have been reports of people trying to exchange their old Naira notes for new ones at banks and other financial institutions. However, many banks have reportedly run out of new notes, leading to long queues and frustration among customers.

Government Response: The government has responded to the controversy by saying that it is committed to ensuring that all Nigerians have access to financial services. The CBN has also announced plans to increase the availability of new Naira notes and to provide alternative payment systems for those who do not have access to digital payment systems.

Impact on Economy: The controversy over the old Naira notes has had a significant impact on the Nigerian economy. Many businesses have reported a decline in sales, and there are concerns about the potential for widespread economic disruption if the situation is not resolved quickly.

Overall, the situation with the old Naira notes remains uncertain, and it is unclear when the controversy will be resolved.