Old naira notes news

You're referring to the recent news about the old Naira notes in Nigeria. Here's a summary:

Background: The Central Bank of Nigeria (CBN) had announced that it would be withdrawing the old Naira notes (N200, N500, and N1,000) from circulation and replacing them with new ones. The move was aimed at reducing counterfeiting and promoting financial inclusion.

Original Deadline: The CBN initially set a deadline of January 31, 2023, for the old notes to be returned to the bank. However, this deadline was later extended to February 10, 2023, due to public outcry and concerns about the availability of new notes.

Current Situation: As of now, the CBN has not officially extended the deadline again, and the old notes are no longer accepted as legal tender. However, there are reports of some banks and financial institutions still accepting the old notes, albeit with some restrictions.

Consequences: The scarcity of new notes has led to long queues at banks, ATMs, and other financial institutions. Many Nigerians are struggling to access their money, and there are concerns about the impact on the economy and daily life.

Government Response: The Nigerian government has assured citizens that it is working to resolve the issue and ensure that everyone has access to their money. The CBN has also set up a special task force to monitor the situation and ensure that banks and financial institutions comply with the new policy.

Public Reaction: The public has been divided on the issue, with some supporting the move to reduce counterfeiting and promote financial inclusion, while others are critical of the implementation and the impact on their daily lives.

Economic Impact: The scarcity of new notes has led to a surge in prices of goods and services, as people are forced to use alternative means of payment. There are also concerns about the impact on the economy, as the scarcity of cash could lead to a decline in economic activity.

Overall, the situation is still evolving, and it remains to be seen how the government and financial institutions will resolve the issue and ensure that everyone has access to their money.