Temporary Halt on Ban of Nigeria's Old Naira Notes
The Supreme Court has temporarily suspended the February 10, 2023 deadline to stop the use of old banknotes, which had caused a cash crisis in the country. Banks have not been releasing enough of the new naira notes, leading to desperate and chaotic scenes as people tried to get their hands on them.
The Supreme Court's decision comes after a legal challenge initiated by the northern states of Kaduna, Kogi and Zamfara earlier this month.
The Central Bank of Nigeria said the new redesign was meant to address insecurity, tackle counterfeiting and force excess cash back into the banking system. However, experts are sceptical about such results - in a country that has battled chronic corruption for decades, with government officials regularly arrested for looting public funds - causing more hardship for many struggling with poverty. The chaos has led to concern that it could affect this month's elections, as many Nigerians do not have bank accounts.
The federal government has called on the Supreme Court to dismiss a suit challenging the February 10, 2023 deadline set by the Central Bank of Nigeria to end the legal tender status of the old versions of some newly designed currency notes.
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Nigeria:
Supreme Court Stops Central Bank From Ending Use of Old Naira Notes February 10
Premium Times, 8 February 2023
The Supreme Court gave the order in a suit filed by three APC-controlled states - Kaduna, Kogi and Zamfara. Read more »
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Nigeria:
Naira Scarcity - IMF Advises CBN to Extend Deadline
Vanguard, 9 February 2023
The IMF has urged the CBN to extend the deadline for use of the old notes given the disruptions in trading activities occasioned by the scarcity of the new notes. Read more »
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Nigeria:
Extend Old Naira Notes Deadline, 36 Governors Beg Buhari
Vanguard, 9 February 2023
The 36 governors in Nigeria have urged President Buhari to extend the deadline and revisit the CBN cashless policy. Read more »
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Nigeria:
Naira Redesign - Nigerian Govt Asks Supreme Court to Dismiss States' Suit
Premium Times, 8 February 2023
The federal government's filings came hours after the Supreme Court issued an order temporarily halting the CBN's plan to end the use of the old currency notes on 10 February. Read more »
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Nigeria:
Naira Scarcity - Bank Workers Threaten to Shut Down Over Attacks
Daily Trust, 8 February 2023
The National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) has threatened to withdraw the services of its members nationwide, following attacks on some… Read more »
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Nigeria:
Don't Stop Using Your Old Naira Notes, Tinubu Will Reverse Policy If Elected - El-Rufai
Premium Times, 8 February 2023
Mr El-Rufai told his audience to continue transacting with the old naira notes. Read more »
InFocus
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Nigeria has introduced into circulation its new currency in the first such redesign in 20 years.
The authorities say the measure is meant to address insecurity, tackle ... Read more »
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The end of the oil-fuelled patronage system may pose the greatest threat to the nation since the Civil War. Therein may lie its salvation. Nigeria's elections on 25th Februar Read more »
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In November 2022, the Central Bank of Nigeria launched new banknotes, after 20 years. The new notes came into circulation effect on December 15, 2022. T Read more »
Naira notes (file photo).