Latest CBN News, Update On Naira Notes For March 11th, 2023

E-Collins

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Latest CBN News, Update On Naira Notes For March 11th, 2023
Posted on: March 12, 2023, 10:55:29 AM
The Buhari administration should not take heart from the fact that Nigerians are tough and can shamble through any hardship. Those in power have less than three, but Nigerians are already desperate and frustrated due to the government's misguided policies. The people have only been holding on because they believe their suffering will soon end. Nigerians should be commended for their composure when the conclusion was closer than they realized.

Which nation's population would be the most submissive if the government blocked their access to their own money? Since the government and its institutions have failed Nigerians so badly, few people there has any faith in them. The presidential election of 2023 is a good example of how the public trusts the system. There is universal agreement on how disastrous it was. It is morally reprehensible for the administration to dump more Nigerians into poverty due to its utter lack of competence and creativity.

As the Supreme Court of Nigeria overturned the CBN's currency redesign program last week, the old N200, N500, and N1000 notes were declared lawful tender until December 31, 2023. In a ruling against the Central Bank of Nigeria (CBN) that was brought by the states of Kaduna, Kogi, and Zamfara, the seven-person panel of the Supreme Court found fault with the policy as a whole, citing problems with its timing cementation.
Many in Nigeria who hoped this judgement would alleviate the country's severe cash shortage were disappointed as the crisis worsened due to the blasé attitude of those responsible for implementing the Supreme Court's decision.

On Friday, the governing State issued an order mandating the arrest and punishment of any residents or companies in the state who refused to accept the new naira notes.
According to a Supreme Court ruling, the old and new naira notes will be accepted as payment until December 31, 2023.

In a statement issued by the Commissioner for Information, Kingsley Fanwo, the State Government congratulated the people of Nigeria for the decision made by their Supreme Court.

The Yahaya Bello government, according to Fanwo, has joined other states in a lawsuit against the Federal Government and the Central Bank of Nigeria (CBN) to alleviate the suffering caused by the lack of cash.

While the court had already approved using the older notes, he said it was unacceptable for certain people and companies to continue rejecting them. To guarantee that the judgement is followed to the letter, the State Government formed a powerful committee.

Dr Charles Imole, a well-known public analyst and economist, has expressed his disappointment in President Muhammadu Buhari and CBN Governor Godwin Emefiele for remaining silent in the wake of the Supreme Court's ruling legalizing old Naira notes till December 31.

Despite the widespread rspecificn, Naija News previously claimed that certain commercial banks have continued to provide older notes to a select few consumers. The banks said they were issuing the old notes despite not having received any order from CBN.

In response to Nigerians' ongoing misery, Imole pointed out that it has been more than five days since the Supreme Court verdict, yet the presidency and the CBN have yet to issue formal messages. Yet, the
 

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