Today news on old naira notes

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

Latest Update (February 22, 2023)

The Central Bank of Nigeria (CBN) has announced that it will no longer accept old Naira notes (N200, N500, and N1,000) as legal tender from March 1, 2023. This means that anyone holding these notes will no longer be able to use them for transactions.

Background

In October 2022, the CBN announced that it would be redesigning the N200, N500, and N1,000 banknotes to combat counterfeiting and improve the country's economy. The old notes were initially given a deadline of January 31, 2023, to be returned to the banks, but this deadline was later extended to February 10, 2023.

Consequences

The decision to stop accepting old Naira notes has sparked widespread criticism and controversy. Many Nigerians are worried about the impact on their daily lives, as they may not have access to new notes or may struggle to exchange their old notes for new ones.

Government's Response

The Nigerian government has defended its decision, saying that it is necessary to curb corruption and improve the economy. The CBN has also set up a special task force to monitor the exchange of old notes for new ones.

Public Reaction

The public has been divided on the issue, with some supporting the government's decision and others criticizing it. Many Nigerians have taken to social media to express their frustration and disappointment, while others have called for the government to reconsider its decision.

Economic Impact

The decision to stop accepting old Naira notes is expected to have significant economic implications. Many businesses and individuals may struggle to access cash, which could lead to a decline in economic activity. The decision may also lead to a rise in prices, as people may be forced to pay higher prices for goods and services due to the lack of available cash.

Conclusion

The decision to stop accepting old Naira notes is a complex issue that has sparked widespread debate and controversy in Nigeria. While the government has defended its decision, many Nigerians are worried about the impact on their daily lives and the economy. It remains to be seen how the situation will unfold in the coming weeks and months.