On Friday, March 3, 2023, the Supreme Court annulled the naira redesign policy introduced by the Central Bank of Nigeria (CBN) late last year with the backing of the federal government.
The court ruled that the old N200, N500, and N1000 notes will remain legal tender until December 31 and compelled the CBN to issue the old notes to Nigerians.
The Supreme Court’s judgment came three weeks after President Muhammadu Buhari, in a national broadcast, declared that the old N500 and N1000 notes ceased to be legal tenders on February 10 while extending the validity of the old N200 note till April 10.
The CBN had, just like the President disregarded the apex court’s February 8 order mandating the apex bank to halt the cash swap policy until the court delivers judgment on the case, aligned with President Buhari’s directive.
However, a week after the Supreme Court ordered that the old notes continue to exist with the new notes till December, the federal government or the CBN is yet to issue a directive on the latest development.
With no official statement from the CBN or the federal government, Nigerians are left guessing whether the old naira notes remain legal tenders or not. This is as the cash scarcity emanating from the implementation of the policy lingers.
While some commercial banks are awaiting instructions from the CBN on implementing the Supreme Court’s order, others have started dispensing the old notes though they are yet to receive the authorisation to do so. There are reports, however, that many people who collected old notes from their banks have been unable to spend them.
The limited access to cash via the banks’ Automated Teller Machines (ATMs) and Point of Sales (PoS) as well as the downtime in mobile apps and USSD have contributed in no small measure to frustrating Nigerians.
A look at the comment sections of the posts shared by the CBN on Twitter recently shows Nigerians earnestly enquiring about the apex bank’s stance on the court’s order.
Are the old 200, 500 and 1000 naira notes still remain legal tender or not.
That's what we want to hear not operational guidelines for bank opening.
— Sam Oladapo (@samioladapo) March 9, 2023
What is your stand on the old nira note.
We are all tired of all this front and back policy.— abdullahimashood olawale (@abdullahimasho7) March 9, 2023
What's CBN doing to make the new notes available… It's no where to be found .. What's the bank position on the old notes .. …. Clear the confusion… Be human
— #GREATGOD🙏 (@Ike_chike) March 9, 2023
Let Nigerians know if old notes is now a legal tender, your silence is causing confusion for a lot of people. Banks across the nation has started paying people old Naira notes, they said you directed them to start giving people.
Please issues a press release on this matter.— Abijo Olalekan #Dataguy (@abijo_olalekan) March 8, 2023
Since the hopes of Nigerians that the cash scarcity would cease after the presidential and National Assembly elections on February 25 were dashed, the public is keenly hoping that either the CBN or the President would address the nation to douse the confusion and uncertainty that has trailed the usage of the old naira notes since the apex court’s March 3 judgment.
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