Naira Scarcity: Latest CBN News, Update On Naira Notes For March 11th, 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 Scarcity: Buhari, Emefiele Must Stop Inhabiting Alternate Universe!

The fact that Nigerians are resilient and can meander their way through every misery sown on their path should not give the Buhari government the impetus to keep pushing the goat to the wall. With the level of desperation and frustration in the land caused by poorly thought-out policies of the government, it wouldn’t matter that those in authority have barely three months when the people have nothing more to lose. It has been the hopes of their anguish being over soon that has been sustaining the people. Now that the end isn’t as near as thought, Nigerians really deserve honour for maintaining their cool.

Which country of the world would their citizens remain docile in the face of the government denying them access to their hard-earned money? Nigerians rarely look up to the government for anything as the government and its institutions have disappointed them spectacularly. A case in point is the 2023 presidential election where the people decided to give the system a benefit of the doubt. The world has acknowledged how ruinous it turned out to be. It is therefore unconscionable for the government to crash its crass ineptitude and poor imagination on the personal finances of the people, thereby throwing more Nigerians into poverty.

One week ago, the Supreme Court invalidated the naira redesign policy introduced by the Central Bank of Nigeria (CBN), affirming that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023. While delivering judgment in a suit instituted by Kaduna, Kogi, and Zamfara States, a seven-member panel of the apex court faulted the entire policy of the CBN, saying the timing and implementation were defective. Nigerians who thought that this verdict will bring relief to the acute cash scarcity have been disappointed as a result of the exacerbating crisis situation, no thanks to the nonchalant disposition of those who should give effect to the apex court ruling.

Kogi Govt Orders Arrest Of Persons Rejecting Old Naira Notes

The Kogi State Government on Friday ordered the arrest and prosecution of individuals and businesses in the state rejecting the old naira notes.
This is coming after the Supreme Court ruled that both the old and new naira notes remain legal tenders until December 31, 2023.

The State Government in a statement released through the Commissioner for Information, Kingsley Fanwo congratulated Nigerians on the ruling of the apex court.

According to Fanwo, the Yahaya Bello administration joined other states in the suit filed against the Federal Government and the Central Bank of Nigeria (CBN) to ease the hardship occasioned by the unavailability of cash.

He said it was unacceptable that some persons and businesses continue to reject the old notes, even after the court validated their use.

The State Government established a high-powered committee to ensure full adherence and compliance with the verdict.

Old Naira: How Long Will This Madness Continue? – Imole Cries Out Over Buhari’s Silence On Court’s Verdict

A renowned public analyst and economist, Dr Charles Imole has lamented over the perpetual silence of President Muhammadu Buhari and the Central Bank of Nigeria (CBN), Governor, Godwin Emefiele, days after the Supreme Court judgment validating old Naira notes till 31 December.

Naija News earlier reported that some commercial banks had given out old notes to some of its customers despite the rejection by traders and others.

The banks noted that they had not received any directive concerning the old notes from CBN but were simply dispensing them due to the economic hardship in the country.

Reacting to the continued suffering by Nigerians following the hardship occasioned by Naira scarcity, Imole noted that it’s been over five days after the Supreme Court judgment yet there are no official messages from the office of the president and the CBN.

According to Imole, the economic situation showed that the nation is drifting aimlessly.