• Business - Economy
  • Updated: March 14, 2023

Naira Scarcity: Nigerians React To CBN's New Directive

The Central Bank of Nigeria (CBN) has finally complied with the Supreme Court ruling that the old naira notes should co-exist with new ones till the end of the year.

Though the Supreme Court ruled on March 3, 2023, neither President Muhammadu Buhari nor the CBN Governor Godwin Emefiele reacted to the ruling until the CBN, in a statement on Monday, ordered that Deposit Money Banks operating in Nigeria should comply with the Supreme Court ruling.

Before the release of the CBN's official statement, various groups and stakeholders had pleaded and urged the Federal Government to obey the ruling in order to maintain peace in the country, due to the uncertainties and agonising moments its silence had inflicted on many Nigerians.

Whereas, bank officials earlier disclosed that the only way they can comply with the Supreme Court order of revalidating the legal tender status of the old naira notes is once the directive comes from the Central Bank of Nigeria

Meanwhile, as of Monday evening, the Central Bank of Nigeria (CBN) maintained that it did not direct commercial banks to dispense and accept the deposit of old Naira notes amid the raging currency crisis.

However, later on Monday night, the CBN released its official statement where it disclosed that the naira notes now remain legal tender till December 31, 2023.

This came ten days after the Supreme court gave its ruling, which has stirred varied reactions from Nigerians.

See some of the reactions below:


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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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