After much pressure and criticism, the Central Bank of Nigeria (CBN) has now issued an announcement that the old N200, N500 and N1,000 notes will remain legal tender until December 31, 2023, in accordance with the Supreme Court decision on the CBN\u2019s Naira redesign policy. This policy has come under severe criticism from suffering Nigerians for the pain and anguish it has caused. Several small-scale businesses have shut down. Huge numbers of daily business activities have been scaled down. There are even reports of deaths occasioned by ill-thought, poorly executed policy of naira recolouring or redesign. <\/p>\n\n\n\n
CBN had announced in October 2022, that\nit was implementing the policy to enforce a cashless economy and stop \u2018vote\nbuying\u2019 ahead of the 2023 general elections. Apparently however, CBN has not\nshown that it understood the ramifications of its policy nor even the problem\nthat it claimed that it was seeking to address. The poor technological\ninfrastructure and rudimentary technology in the banks exposed the foolhardiness\nof its policy. Bank customers were unable to complete bank transactions using\nonline apps and internet banking services. Hundreds of thousands of customers\nhave lost billions of naira to failure of banking apps and online payment\nsystems. Point of sale machines have collapsed and citizens have seen life\nsavings and income wiped out. Even the Central Bank\u2019s claim that it is aiding the\nprevention of vote buying has been shown to be a ruse as it neither contacted\nthe Independent National Electoral Commission (INEC) nor law enforcement\nagencies, to give it, its assumed mandate of curbing vote buying. <\/p>\n\n\n\n
Though the Central Bank has now said\nthat the old notes are legal tender, it is unclear how full meaning can be\ngiven to the Supreme Court judgment when the mindset of citizens, retailers and\nvendors has shut out the old notes. Most citizens complain that no one is\nwilling to accept the old notes for transactions and although the commercial\nbanks are paying out the old notes, they are refusing to accept them back into\ntheir deposits. In the meantime, the suffering of citizens, their means of livelihood and\nbusinesses intensifies. <\/p>\n","protected":false},"excerpt":{"rendered":"
After much pressure and criticism, the Central Bank of Nigeria (CBN) has now issued an announcement that the old N200, N500 and N1,000 notes will remain legal tender until December 31, 2023, in accordance with the Supreme Court decision on the CBN\u2019s Naira redesign policy. This policy has come under severe criticism from suffering Nigerians […]<\/p>\n","protected":false},"author":2,"featured_media":1803,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-3148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/3148","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/comments?post=3148"}],"version-history":[{"count":1,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/3148\/revisions"}],"predecessor-version":[{"id":3157,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/3148\/revisions\/3157"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/media\/1803"}],"wp:attachment":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/media?parent=3148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/categories?post=3148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/tags?post=3148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}