Naira Scarcity: Latest CBN News, Update On Naira Notes For March 18th, 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).

States Insist On Contempt Charge Against Malami, Emefiele Despite CBN’s Directives

The likes of Kaduna, Kogi and Zamfara States have insisted on contempt charges against the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele and the Attorney-General of the Federation, Abubakar Malami (SAN) despite the directive of the apex bank to commercial banks to accept and dispense the old naira notes.

Recall that CBN in a statement released on Monday night directed banks to receive and disburse the old notes.

The apex bank in a statement released through its acting Director of Corporate Communications, CBN, Isa AbdulMumin wrote, “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, as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court judgment 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.”

The lead counsel for the three states, Abdulhakeem Mustapha (SAN) in a chat with Punch on Thursday, however, claimed that the statement released by CBN was a mere camouflage to give the impression of compliance.

According to Mustapha, the state governments have instructed him to initiate contempt proceedings against the AGF and the CBN governor.

Cash Crunch Eases As Banks Begin Dispensing Both Old And New Notes

Reports from some banks across Lagos Island in Lagos State indicate that the lingering cash crunch being experienced by Nigerians due to the Central Bank of Nigeria (CBN) cashless policy has begun to ease up.

Naija News gathered from Vanguard that most banks in the Lagos island area of the state have started dispensing both the old and new banknotes simultaneously.

It was learnt that normalcy is returning gradually as the third day of the implementation of the Supreme Court’s ruling on the old notes seems to be yielding positive results.

It would be recalled that the apex court in its March 3 judgement nullified the federal government’s redesign naira policy and as well ruled that the old N200, N500 and N1000 notes should remain legal tender till 31 December 2023.

However the CBN’s silence for days over the ruling caused a lot of confusion as traders, businesses and even banks refused to collect the old notes.

But after the CBN bowed to pressure, it gave a directive on Monday that the old naira notes remain legal tender till December.

Old Naira Notes: Monster Of Vote Buying Will Be Unchained – Shehu Sani Warns

Former Kaduna Central lawmaker, Senator Shehu Sani has warned that the recent Supreme Court ruling which brought old naira notes back into circulation may encourage vote buying during Saturday’s governorship and state assembly elections in Nigeria.

Senator Sani said the development may unleash and uncage what he described as a monster of vote buying.

He added that the Supreme Court ruling has not ended the suffering of the ordinary Nigerians brought about by the scarcity of the naira but may encourage vote buying on Saturday.

Taking to his verified Twitter account, Sani wrote: “The ruling on the old Naira notes has not ended the suffering of the ordinary man on the queue as purported; But it will unchain and Uncage the monster of vote buying for the Governorship election.