CBN latest News on old naira notes, today, 8th March 2023

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New Naira Notes , Why CBN Extends Deadline for Old Naira Notes
A photo file of New Naira Notes
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The latest CBN update news on old naira notes, new Naira notes and CBN update news on old naira notes today March 8, 2023 has been highlighted here.

 

Following the Naira scarcity in Nigeria, Ejes Gist News Nigeria has compiled the latest news on new Naira notes and Latest news on old naira notes. This means the latest updates on the Naira crisis in Nigeria can be accessed on this page.

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Below are the latest CBN news update on new Naira notes today.

 

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We Didn’t Direct Banks To Disburse Old Naira Notes – CBN.

 

The Central Bank of Nigeria (CBN) said Tuesday that it has not issued a new directive to commercial banks in response to the Supreme Court‘s decision last Friday ordering the circulation of old naira notes alongside new ones until December 31.

 

President Muhammadu Buhari’s directive to the CBN to redesign and withdraw old notes of N200, N500, and N1,000 without consultation with the states, Federal Executive Council, National Council of States, and other stakeholders was deemed unconstitutional by a seven-member panel of justices presided over by Justice Inyang Okoro.

Ejes Gist News Nigeria reports that there was confusion among commercial banks and business operators as a result of the CBN’s failure to issue a directive on receiving the old N500 and N1000 notes. According to Isa Abdulmumin, the CBN spokesman who spoke with our reporter, the CBN has not issued an official statement.

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“Both the old and new notes are legal tender, and banks are currently issuing them to customers,” a senior management source told Ejes Gist News Nigeria. Nigerians should not reject any note, new or old naira notes.”

 

More banks dispense old naira notes

 

In accordance with the March 3 Supreme Court decision, which extended the validity of the Central Bank of Nigeria’s (CBN) currency redesign policy until December 31, some banks across the country have begun issuing old N500 and N1,000 notes to their customers.

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However, the findings revealed only partial compliance because some banks have not followed the supreme court judgement, claiming that they are waiting for an official directive from the CBN to do so.

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GTBank, Access Bank, Sterling Bank, and Union Bank were among the banks that issued old banknotes to their customers yesterday.

The recent economic cash crisis in Nigeria, caused by the redesigned naira, political climate, and economic conditions, has increased the value proposition of bitcoin for average Nigerians. Bitcoin is an essential financial safe haven in Africa.

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The naira redesign is only the most recent catalyst amplifying the challenges faced by ordinary Nigerians; a benevolent move to alleviate economic challenges and counterfeiting notes has resulted in a doubling down on the financial pressures that Nigerians face.

 

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Nigerians are currently facing record-high inflation of 21%, a cash shortage of newly redesigned naira notes, and an incoming administration that will determine the country’s course for the next few decades as well as the political landscape of the continent.

 

All eyes were on our country on Saturday as citizens expressed their dissatisfaction at the polls, and our government continues to grapple with its growing economic challenges.

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That is all on CBN latest News on old naira notes. 

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