It started with a lie of omission. When the House of Reps committee on banking were finally able to get former CBN Governor Godwin Emefiele to attend a hearing on his naira redesign policy in February last year, he began with an impassioned speech.
In his inaugural speech in Abuja on Monday, President Bola Ahmed Tinubu announced that his administration would treat both the old and the new naira notes as legal tender.
Nigerians said they found transporting and feeding more difficult due to the cash squeeze
96% had to lay off staff or reduce working hours to weather the cash shortage. About 41.30% did not have to make such adjustments.
CBN assures its has been taking delivery of a good quantity of the redesigned banknotes from the Nigeria Security Printing and Minting Company Limited.
CBN says it encourages the public to explore other payment channels, such as e-Naira, POS, electronic transfer, internet and mobile banking.
Moghalu warned that turning CBN’s mandate into “political football” was and is a big mistake and a strong indicator of state failure.
Presidency said the policy had the support of Nigerians as they believe that the action would cut corruption, fight terrorism and build an environment of honesty.
CPPE says CBN should be directed to officially communicate the outcome of the Supreme court judgement to the banks and affirm compliance with the judgement.
CPPE said total money supply in December was N52 trillion, and the cash component of the money supply was N2.6 trillion, which was just 5%
Earlier today, the Supreme Court of Nigeria ruled that the old N200, N500, and N1,000 notes will remain in circulation till December 31, 2023.
The service enables users to send eNaira directly from their wallets to an ATM and withdraw the cash equivalent without the need for a bank account.
