Scarcity of naira notes has continued across Nigeria four days after the Supreme Court judgment extended the validity of the old N,1000 and N500 notes till 31 December, 2023.
Development Diaries reports that this is mainly because commercial banks have yet to begin dispensing the old notes in compliance with the apex court’s ruling.
According to reports, some banks across the country have begun paying out the old N500 and N1,000 notes to their customers. But some other banks have not begun doing so as they still await an official directive from the Central Bank of Nigeria (CBN).
It is expected that after the Supreme Court ruling on 03 March, the banking public would get a clarification from the CBN on the use of the old notes. Unfortunately, no press release has been issued to that effect.
The silence from President Muhammadu Buhari and the CBN has created a general sense of uncertainty amongst Nigerians, as many business owners have continued to reject the old banknotes because they are unsure of their legal tender status.
The failure of the apex bank and the president to promptly address this situation is condemnable. It also insinuates that the majority of Nigerians who have been caught in the middle of a poorly executed policy are being taken for granted.
Non-availability of cash
A check on social media indicates that many citizens are still stranded due to the scarcity of both the new and old notes.
How much naira do you have?#nairascarcity seriously thinking how to get to work tomorrow pic.twitter.com/MPrIj950jI
— Omekaenyi Nwanyi ✊ (@noo_nwa) March 5, 2023
This tweep complains of not being able to spend the old notes because people are rejecting them.
He said, ‘Banks are paying the old notes meanwhile the people aren’t considering them legal tender to spend. How do we do?’
Banks are paying the old notes meanwhile the people aren’t considering them legal tender to spend. How do we do?#nairascarcity
— Ebere✍📖 #PeterObi2023 (@Fullness_101) March 7, 2023
The policy, which was not well thought out, has further impoverished many Nigerians, making life unbearable for them.
‘Despite Supreme Court ruling, Nigerians are still going through excruciating pains because of the naira confiscation. People are in long queues and bank officers don’t even tell them if there is money or not’, a Nigerian tweeted.
@GodwinIEmefiele,
Despite #supremecourt rulings, #Nigerians are still going through excruciating pains because of d #naira confiscation. People are in long queues & bank officers don’t even tell them if there is money or not.
Where are d new/old notes?@MBuhari #nairascarcity— joguns (@segunjoguns) March 7, 2023
Development Diaries calls on President Buhari to immediately direct the CBN to release the old naira notes into circulation as ruled by the Supreme Court.
Also, we call on the president to address Nigerians over the avoidable hardship caused by the CBN policy to douse tension.
