Naira Scarcity: Latest CBN News, Update On Old Naira Notes/New Naira Notes

As the controversy associated with the new naira notes rages on, Naija News bring you the latest update on the controversial policy of the Central Bank of Nigeria (CBN).

CBN Gives Directives On Acceptance Of Old Naira Notes

The Central Bank of Nigeria (CBN) has given a directive on the acceptance of old naira notes in the country.

The apex bank in its latest statement claimed that the old N200, N500 and N1000 ceased to be legal tender on February 10, 2023.

CBN stated this despite the Supreme Court restraining the apex bank from going ahead with the deadline after Kogi, Kaduna and Zamfara States filed a suit before the court.

The court had answered the prayer of the states and adjourned the case till February 15

However, there has been silence on the part of the apex bank since the court gave its ruling.

The CBN Branch Controller in Bauchi, Haladu Idris Andaza, in a chat with journalists said the old notes were no longer legal tender.

Naira Scarcity: CBN Offers Solution, Tells Nigerians What To Do

The Central Bank of Nigeria (CBN) has proffered an alternative payment method to the cash scarcity in the nation which has resulted in economic hardship for the people.

The apex bank urged the citizenry to make use of the eNaira and internet banking as alternatives to the current naira scarcity.

The Director, Corporate Communications Department of the CBN, Osita Nwanusobi, who was represented by the Director, Capacity Development of CBN, Mohammed Abbah stated this while speaking at the recently held 44th Kaduna International Trade Fair.

Osita explained that the aforementioned platforms could handle an increasing number of transaction volumes across all payment channels

He noted that the new naira policy was not targeted at any individual as being insinuated in the public domain.

‘It Has Brought Anger, Suffering’ – Sultan Speaks On Naira Redesign Policy

The Sultan of Sokoto, Alhaji Muhammadu Sa’ad Abubakar, has condemned the naira redesign policy of the Central Bank of Nigeria (CBN).

According to the monarch, the naira redesign led to the new naira scarcity, which has caused pain, suffering and anger in the country.

Abubakar stated this in Abuja on Monday at a two-day conference organised by the Kano State government on livestock reforms and mitigation of associated conflicts.

The Sultan stated further that the naira redesign has made life unbearable for Nigerians and caused chaos in some parts of the country, stating that urgent steps should be taken to address the naira crisis.

He said: “Let’s keep politics aside. The issues of development, especially for the common man should be prioritised.

“These people that God Almighty gave leadership over, one day, God forbid, will rise (against us).”