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:

 

The CBN's naira redesign policy at the end achieved nothing; Emefiele could've done the needful a long time ago & ease the struggles of average Nigerians but his pride wouldn't let him. Now that the supreme Court's judgement stands, let's hope the old naira notes aren't hoarded.

— Daniel Regha (@DanielRegha) March 14, 2023

What make you think they will still not hoard it. We only blaming CBN for nothing instead of blaming the bank mangers for selling the allocated funds to d big boys to make profits for their own personal gain. If every bank load there ATM wt d money giving it will go round.

— Chatta (@Mr9icc) March 14, 2023

Printed new naira notes were not enough to meet up with the needs of the nation, that's the loophole those bank managers took and created scarcity of already limited notes

— Erry tee (@Errytee2) March 14, 2023

So CBN is this what you have in mind to wakeup one morning and tell the whole world that you people have no Brians, no Respect for Human lives
Make Una Just Dey Play
9ja no va wakeup REMEMBER UNA

— Emmanuel Osita (@TALLEY22OM) March 14, 2023

Federal govt. in connivance with the CBN inflicted unnecessary pains on Nigerians.

As beautiful as the policy is, the timing, implementation & everything attached to it is heart wrenching.

As usual, the masses are at the receiving end. Chinua Achebe said "There was a country" https://t.co/vESLoQl3v4

— Bayo Adegboyega (@Bayoradegboyega) March 14, 2023

I hate to see the old Naira notes again,dump them in the dustbins. Let the CBN simply commence massive printing of the new notes and making same available through the various outlets to Nigerians! https://t.co/m3fUW9iGKv

— ISRAELI (@Izzyfather) March 14, 2023

My question is can't they print the new notes in excess and forget about d old notes....
Dec 31st, another issues of cash will arise again.

— Elo_Cruz (@OfficialCruz02) March 14, 2023

The have embezzle our money again with this policy... Cos why is it difficult to make the new note available?

Changing the new note is not the problem, the deadlines were never the problem but the unavailability of the new note.

— DataCity | Manx Clothing® (@mfclothingceo) March 14, 2023

The only important message here is commercial banks are allowed to pay and receive old notes.

The most important questions Nigerian has in mind are:

will the CBN dispense old notes in their vaults?

Will the 20k withdrawal limits still be in place?

Emefiele should listen...! pic.twitter.com/Pxlh7TlrkK

— Rayyan (@Rayyan_Gori) March 14, 2023

So nobody is going down for subjecting Nigerians to the hardship we have all had? Even the CBN governor is gonna walk free like nothing happened? ?.

This is not right. Somebody is supposed to be in jail by now. But considering Nigeria.... ??? https://t.co/3NCrH5EaJM

— Ọfọ Ndụ ⚡ (@Obi_BlessedOne) March 14, 2023