Naira Scarcity: Latest CBN News, Update On Naira Notes For March 8th, 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).

Both Old And New Notes Are Now Legal Tender – CBN Official

The Spokesman of the Central Bank of Nigeria (CBN), Isa Abdulmumin, has said both the old and new naira notes are now legal tender following the new directive of the Supreme Court.

According to Abdulmumin, banks have begun to issue both old and new notes to customers at their various Automated Teller Machines (ATMs) terminals and over the counter.

Speaking with The Cable on Tuesday, Abdulmumin said even though the CBN is yet to issue an official statement on the matter, Nigerians can now spend and collect both the old and new notes.

He added that the apex bank just wants to make life easy for Nigerians and has directed commercial banks to obey the supreme court ruling which extended the validity period of the old notes to the end of the year.

The CBN spokesman said: “Banks are paying old notes as well as new notes. They are all legal tender.

“Yes, the CBN has not issued an official statement on the issue. Anyone banks give to you, you can collect. We just want to make life easy for Nigerians.”

Abdulmumin expressed concern about the continued rejection of the old notes by some traders and transporters.

The CBN spokesman said the old notes should not be rejected as they are still a valid means of exchange.

We Are Waiting For Buhari, CBN – Traders Give Condition To Start Accepting Old N500, ₦1,000 Notes

A cross-section of traders have insisted they would wait for a direct directive from President Muhammadu Buhari before accepting and spending the old N500 and ₦1,000 notes.

Speaking with newsmen in Lagos State, the traders said the assurance from the President or the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele would convince them to start using/accepting the notes.

Naija News recalls a Supreme Court order on Friday 3rd March, declared that the old N500 and ₦1,000 notes should remain in circulation until the 31st of December 2023.

However, the traders have expressed mixed feelings about implementing the directive of the apex court.

A food vendor at Ori-Oke, Ejigbo who gave his name as Mr Barnabas Israel, raised doubts about the availability of the old notes.

“Is there any old notes outside after everybody has deposited the one they had?

“However, no one has brought the old notes to my shop, and if they do, I would not collect it because no one is collecting it in my area,’’ he said.

Naira Crisis: I Paid My Transport Fare With Three Derica Of Rice – Students Recounts Ordeal

Some students in Lagos State have come out to recount their ordeal on how they got to school using foodstuffs to pay for transport fares.

Naija News gathered that two students of the Government Technical College in Odomola, Epe on Tuesday recounted their ordeal in the heat of the Federal Government’s naira redesign policy.

According to them, in recent times, some students who don’t have the cash to transport themselves from home to school and vice versa pay their fares with foodstuffs.

One of the students who identified himself as Ridwan told the Daily Post that he paid for his fare back to school on Monday with three derica rice.

Ridwan, who studies Plumbing and Pipefitting, narrated how the drivers of the buses he boarded were angry but eventually had no choice but to accept the raw foodstuffs he offered.

He said “As I was leaving in the morning, I could not get cash from the ATM or PoS, so I used the only cash with me to get to Chevron bus stop.

“It was rice that helped me get to school. The price from Chevron to Ajah is N300 but I gave the bus driver one derica of rice.

“Ajah to Epe is ₦1,000…I paid with another one derica. When I got to Epe, I explained to the okada man that I didn’t have cash but had food.

“He took me to my area near Landlord Association road and I gave him one derica instead of paying N300. That’s how my three derica finished. (https://www.creditcadabra.com/) ”