The Central Bank of Nigeria (CBN) recently declared that old naira notes will continue to be accepted as legal tender until December 31, 2023.
The CBN Governor, Godwin Emefiele, finally gave in to pressure after numerous complaints and protests from the populace, and on March 3, 2023, the apex bank issued an official statement approving the extension and continued use of the old notes (N200, N500, and N1000), contrary to their initial prohibition after the release of the new notes. People who would refuse the old naira notes were also given a firm warning that they would face harsh punishment if caught.
According to reports, there is now more money available for people to spend on goods and services since the announcement, recirculation, and acceptance of the old naira notes.
There are signs that marketers are starting to make more money than they normally do after the “no cash” pandemic, and transporters are starting to see a much bigger difference in how much money they make each day, even though the cash circulation has not yet returned to the rate it was before the policy implementation.
Since ATMs are currently dispensing more cash than usual, POS operators who previously charged significantly more than usual are starting to reconsider and lower their charges.
Even though not all complaints have been successfully resolved, it is anticipated that there will be a significant drop in the number of complaints regarding transaction failures.
Though slowly, stability is anticipated to return. Nigerians are bracing for the December 31, 2023 deadline and praying and hoping the new naira notes will circulate quickly.
Rahmon Boluwatife Aminat.
Kwara State University Malete, (Kwasu)
