News on old naira notes today

Here are the latest news updates on the old Naira notes:

Breaking News:

• The Central Bank of Nigeria (CBN) has announced that the old N200, N500, and N1,000 notes will no longer be accepted as legal tender from February 10, 2023.
• The CBN Governor, Godwin Emefiele, made the announcement during a press conference in Abuja, saying that the old notes will be demonetized and replaced with the new Naira notes.
• The CBN has also set up a deadline of January 31, 2023, for individuals and businesses to deposit their old Naira notes at commercial banks.

Latest Developments:

• The Nigerian government has announced that it will set up a special task force to monitor and enforce the withdrawal of the old Naira notes from circulation.
• The task force will be responsible for identifying and prosecuting individuals and businesses that refuse to deposit their old Naira notes.
• The CBN has also announced that it will provide additional cash to commercial banks to enable them to meet the demand for new Naira notes.

Public Reaction:

• Many Nigerians have expressed frustration and anger over the sudden withdrawal of the old Naira notes, saying that it will cause hardship and economic instability.
• Some have also criticized the government for not providing adequate notice or alternatives for those who may not have access to the new Naira notes.
• Others have praised the move, saying that it is necessary to curb corruption and promote economic growth.

Economic Impact:

• The withdrawal of the old Naira notes is expected to have a significant impact on the Nigerian economy, particularly on small businesses and individuals who rely on cash transactions.
• The move is also expected to lead to a shortage of cash in the economy, which could lead to inflation and economic instability.
• The CBN has promised to provide additional cash to commercial banks to mitigate the impact of the withdrawal.

What You Need to Know:

• The old N200, N500, and N1,000 notes will no longer be accepted as legal tender from February 10, 2023.
• Individuals and businesses must deposit their old Naira notes at commercial banks by January 31, 2023.
• The CBN has set up a special task force to monitor and enforce the withdrawal of the old Naira notes.
• The government has promised to provide additional cash to commercial banks to meet the demand for new Naira notes.