Naira Swap: Has CBN Extended Old Naira Notes Deadline? What You Need To Know

• The naira scarcity has put many Nigerians in a tight corner and the policy maker, the CBN, has been keeping mutes on the legality of the old naira notes
• Some Nigerian traders have started rejecting the old notes despite the supreme court injunction that has restricted the federal government from further implementation of the policy till February 15
• The supreme court injunction has created controversy between those that want the deadline to be extended and those that want the CBN to continue with the policy

Nigerians are yet to know the way forward on the deadline for the old naira notes, though the supreme court has ordered the federal government to hold on until the matter is heard on February 15.

Kaduna, Kogi and Zamfara filed an ex-parte motion before the court on February 3 asking the apex court to stop the federal government and the Central Bank of Nigeria (CBN) naira redesign policy that will stop the use of N200, N500 and N1000 naira notes.

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Naira Scarcity: 3 Facts you need to know about current status of old and new notes

What has the CBN said about supreme court ruling on naira redesign policy

The supreme court granted the interim injunction to stop the federal government from further implementation.

The injunction has resulted in mixed reactions from people that want the deadline to be extended and those that want the CBN to continue with the policy.

Despite all the drama between parties involved in the case, the policymaker, which is the CBN, is yet to tell Nigerians its clear next move. Thus, many people are confused as some traders have started rejecting the old notes.

Will CBN print more new notes for Nigerians to have more cash at hand?

On Saturday, the apex bank clarified that Godwin Emefiele, the governor of the bank, never attributed the challenges in the distribution of the new naira notes to a shortage of printing materials.

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CBN reacts to claim that it plans to shut down banks over Naira redesign challenges

It was earlier reported that Emefiele said that the Nigerian Security Printing and Minting Company does not have enough material to print more notes that will be enough to circulate to Nigerians.

2023: Why over 60% of Nigerians may be willing to sell their votes on election day

Legit.ng earlier reported that as naira scarcity bites Nigerians harder ahead of the forthcoming poll, it could be difficult to convince many of them on election day.

The CBN statistics have shown that more than 60% of Nigerians are unbanked while those who have money in banks cannot access their money because of the non-availability of the naira.

Many of the unbanked have found ways to ensure that their cash to banks, mostly through POS operators but they could not get it, they may be willing to sell their votes on election day for survival.

Source: Legit.ng