Naira Crisis: Nigerians Reacts As CBN Okays Old Naira Notes

Some Nigerians have reacted to the announcement made by the Central Bank of Nigeria (CBN) that the old N200, N500 and N1000 Naira notes remain legal tender till December 31, 2023, in line with the Supreme Court order.

New Telegraph reports that the apex bank decision came 24 hours before the expiration of the ultimatum issued by some state governors, after which they would file contempt charges against the CBN and the Attorney-General of the Federation, Abubakar Malami.

The apex’s bank decision was contained in a statement issued Monday night by the bank’s acting Director of Corporate Communications, Dr Isa Abdulmumin.

The CBN’s decision is barely hours after President Muhammadu Buhari clarified that the CBN has no excuse to disobey the Supreme Court ruling on the naira redesign.

However, reactions have continued to trail the CBN decision, while some give kudos to the apex bank others knock them for excruciating pain on the masses.

In a reaction to CBN’s decision directing commercial banks to dispense and accept the old naira notes, the Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, disclosed that the development would restore Nigeria’s broken economy.

Yusuf stated that the apex bank must publicise the development to the hearing of all Nigerians, including those in rural communities, for its compliance to be massive.

“Well, we thank God that eventually, they bowed to pressure after a lot of suffering by Nigerians, but I think we should just leave that and move on.

“What is essential now is for the apex bank to publicise the statement properly on the fact that the naira notes are legal tender.

“If anybody is depositing the old notes, they should stop asking for codes since the currencies are legal tender.

“Things will begin to recover as soon as cash continues to flow; this is also a call to CBN to ensure that more of the new currencies are printed so that they would gradually withdraw the old notes”.

Also, on Monday night, an Accounting and Financial Development Don at Lead City University, Ibadan, Prof Godwin Oyedokun said commercial banks should pay their customers interest for the period they could not utilise their money.

According to him, the insistence of many Nigerians has made President Muhammadu Buhari and the Central Bank of Nigeria Governor, Godwin Emefiele bow to pressure on the validity of old naira notes as ruled by the Supreme Court.

He added that it is terrible for a democratically elected President like Buhari to wait this long to do the right thing about the suffering of Nigerians.

“The pressure from the Nigerian Labor Congress, Trade Union Congress, and advocacies of every Nigerian have worked. I hoped this would be implemented immediately to ease the cash crisis.

“However, Commercial Banks needed to pay interest to everybody who could not utilise their money for the period the crisis lingered. Everybody has money in their accounts but can’t access it due to the naira crisis.

“These are the things Nigerians should start exploring. But the situation has to be taken as a force majeure. I hope all parties have learnt from the case.

“I will still implore Nigerians to be very careful despite the co-circulation of the old and new notes. There needs to be more money in circulation because the new naira notes are required to be sufficiently circulated and printed. The issue may continue if the new notes are not still available while the old notes are gradually withdrawn.”

Earlier, Dr Ayo Teriba, CEO of Economic Associates, said on Monday that it is now apparent that President Muhammadu Buhari is not standing in the way of the Supreme Court verdict on the Naira redesign.

“It is not too late as long as the matter is resolved. It goes on to confirm the position of some people that President Muhammadu Buhari would respect the Supreme Court’s order.

“It is now evident that Buhari is not standing in the way,” he said.

With about two months to the end of Buhari’s administration, Nigerians aspire for a future where the nation’s economic woes will be a thing of the past.