Naira Scarcity: Latest CBN News, Update On Naira Notes For Feb. 22, 2023

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

Naira Crisis: Kaduna, Kogi And Zamfara Initiate Contempt Proceeding Against Emefiele, Malami

A contempt proceeding has been initiated against the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and the Attorney General of the Federation (AGF), Abubakar Malami, for their failure to comply with the Supreme Court order extending the deadline for the use of old N200, N500 and ₦1,000 notes.

Naija News understands that the proceeding was initiated by Kaduna, Kogi and Zamfara State governments.

It was learnt that in a fresh document filed before the Supreme Court, the three states, who were the original plaintiffs in the suit against the naira swap policy of the Federal Government, warned Malami and Emefiele about the consequences of their continued failure to comply with the apex court’s order of February 3.

The two sets of Form 48, filed by the team of lawyers representing the three states, form part of the applications now awaiting the Supreme Court’s consideration when proceedings resume on Wednesday.

CBN Speaks On Issuing Fresh Directive On Old Naira Notes

The Central Bank of Nigeria (CBN) has distanced itself from a fake statement ordering the distribution of old 1000, 500 naira notes.

Naija News reports that social media has been awashed with reports that the apex bank announced plans to recirculate old 1000 and 500 naira notes. The fake report claimed that President Muhammadu Buhari had directed the CBN to carryout the recirculation after a closed-door meeting.

But in a swift statement on Tuesday morning, CBN’s Director of Corperate Communications, Osita Nwanisobi, described the statement as fake.

The statement reads: “The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorised messages quoting the CBN as having authorised the Deposit Money Banks to collect the old N500 and ₦1,000 banknotes.

“For the avoidance of doubt, and in line with Mr President’s broadcast of February 16, 2023, the CBN has been directed to only reissue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023.

“Members of the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject.

“Media practitioners are advised to please verify any information from the correct sources before publication.”

Naira Policy: Nigeria’s External Reserves Fall By $427m In One Month

Nigeria’s external reserves fell by $427.14m in one month amid worsened naira crunch following the currency swap policy by the Central Bank of Nigeria (CBN).

Recall that the apex bank Governor, Godwin Emefiele, announced the plan to redesign the naira notes last year. He revealed then that one of the policy’s objectives was to mop up currency outside the bank vaults.

Emefiele had urged Nigerians to take advantage of alternative payment channels that would drive the digital payment systems in the country. The policy, however, brought untold hardship to Nigerians and has stirred up protests across cities.

Reacting, President Muhammadu Buhari directed that the old N200 note should be re-circulated, adding that it would remain legal tender until April 10, 2023, while the N1000 and N500 notes seized to be valid for transactions in the country, as earlier announced by the CBN.

Naija News understands that the Deposit Money Banks have also commenced the collection of old N500 and ₦1,000, even without giving the depositors new naira notes in return.