Naira Scarcity: Latest CBN News, Update On Naira Notes For March 15th, 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: E-payments Plummet To N37tn Amid Rise In Failed Transactions

A data report recently released by the Nigeria Inter-Bank Settlement System (NIBSS) showed an increase in failed payment transactions in February 2023 despite the latest patronage of the cashless policy in the country.

According to the data, there was a 4.83 per cent ( N37.67tn) decrease in the value of cashless transactions from the N39.58tn recorded in January 2023.

The development is happening despite e-payment gateways recording a 41.29 per cent month-on-month increase in the period under review.

The NIBSS noted that cashless gateways were used 901.46 million times in February, and in January, they were used 638 million times. Despite an increase in usage, the total value of cashless transactions fell in February, indicating an increase in failed transactions.

The NIBSS has not updated its efficiency platform portal, which states the number of failed transitions and more, since 2020, making it hard to report the number of failed transactions.

As the major payment switch in the country, the NIBSS records cashless transactions from the Nigeria Instant Payment System and Point of Sales terminals. In February, the total NIP (instant payments) fell to N36.79tn from N38.772tn in January.

POS Transaction Increase Amid Naira Scarcity

Of late, there has been a severe scarcity of Naira in the country following the new cashless and naira swap programme by the Central Bank of Nigeria (CBN). Despite the development, however, the data from NIBSS revealed that the value of PoS transactions grew from N807.16bn in January to N883.45bn in February.

Matawalle Reacts As CBN Orders Usage Of Old N500, N1000 Naira Notes

Governor Bello Matawalle of Zamfara State has reacted to the directive of the Central Bank of Nigeria (CBN) on the usage of old N500 and N1000 Naira Notes.

Naija News reported that the CBN, in a statement released on Monday by its spokesman, Isa Abdulmumin, stated that the old notes remain legal tender until December 31, 2023, in compliance with the Supreme Court order.

This statement comes hours after President Muhammadu Buhari said he did not order the CBN Governor, Godwin Emefiele, or the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, to disobey the apex court’s ruling.

Reacting in a statement on Tuesday by his spokesman, Zailani Bappa, Matawalle said the recent Supreme Court verdict on old currency notes and subsequent compliance by the apex bank is a victory for all Nigerians.

The governor said that the judgement of the apex court is for the good of the country’s micro-economy and for the well-being of the common man.

CBN Gives Directives On Old Naira Notes Hours Buhari’s Statement

The Central Bank of Nigeria (CBN) on Monday announced that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.

This is coming days after the Supreme Court ruled that the old notes should remain in circulation till the 31st of December, 2023.

The CBN, however, released a statement hours after President Muhammadu Buhari insisted that he did not order the CBN Governor, Godwin Emefiele or the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, to disobey the apex court’s ruling.

The CBN spokesperson, Isa Abdulmumin, in a statement released on Monday, insisted that the old notes remain legal tender.

He said, “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.

“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.

“Consequently, all concerned are directed to conform accordingly.”