The Nigerian Central Bank (CBN) must inform Nigerians that the old currency notes [alongside the new notes] remain legal tender until the 31st of December 2023, in line with the Supreme Court judgement.
This is necessary to put an end to the devastating and traumatic outcomes of a repressive, poorly conceptualized, and badly implemented currency redesign policy.
This was disclosed by the Centre for the Promotion of Private Enterprise, in a statement by its Director/CEO, Dr. Muda Yusuf viewed by Nairametrics.
Urgent Intervention: In the statement titled “ Trauma of Currency design”, the CPPE said protracted acute cash scarcity has not only crippled economic activities in the country, but it is also now a major risk to the livelihoods of most Nigerians, they added:
- “Millions of citizens have slipped into penury and destitution as a result of the disruptions and tribulations perpetrated by the currency redesign policy, especially the mopping up of over 70% of cash in the economy. Nigerians have not been this traumatized in recent history.
- “The economy is gradually grinding to a halt because of the collapse of payment systems across all platforms.
- “Digital platforms are performing sub-optimally because of congestion; physical cash is unavailable because the CBN has sucked away over 70% of cash in the economy; and the expected relief from the supreme court judgement has not materialized. The citizens are consequently left in a quandary.
No communication: They also noted that the Banks are saying, the CBN has not officially communicated the supreme court judgement to them for any actions, urging that the President has maintained a worrying muteness on the judgement.
- “The market women and men are waiting to hear from President Buhari or the CBN governor on the legal tender status of old currency notes. Curiously, there is an apparent reluctance or unwillingness by the federal government and the CBN to comply with the supreme court judgement. This is very disturbing and inexplicable.
- “Meanwhile, Nigerians continue to groan in the adversity inflicted by the acute cash shortage amid rejection of old currency notes by market operators, refusal by banks to accept the old notes, silence by the presidency on the supreme court judgement; and absence of official pronouncement by the CBN on the issue.
They warned that President Buhari did not seem to appreciate the gravity and enormity of the suffering and pain that Nigerians have been experiencing since the onset of the currency redesign policy, urging the President to immediately intervene to put an end to the devastating and traumatic outcomes of a repressive, poorly conceptualized and badly implemented currency redesign policy, they also requested:
- “The CBN should be directed to immediately inform the Nigerian public that the old currency notes [alongside the new notes] remain legal tender until the 31st December 2023, in line with the supreme court judgement.
- “The CBN should be directed to officially communicate the outcome of the Supreme court judgement to the banks and affirm compliance with the judgement.
- “The president should publicly empathize with Nigerians on the unwarranted and inexcusable pain 4 and suffering that the currency redesign policy has wreaked on them.
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The Ekiti State government said it would arrest and prosecute traders and service providers who reject the old N500 and N1000 denominations.
They urged traders to accept the old N500 and N1000 notes as they remain legal tender by virtue of the ruling of the Supreme Court which extended its validity till Dec, 31, adding that the Governor was worried about the hardships being faced by residents due to the low circulation of the new redesigned Naira notes, citing the March 3 ruling, extended the validity date for the old naira notes. Part of the statement said:
