After the just concluded presidential election, almost everyone of us are waiting for the decision that would be taking concerning the scarcity of new naira note in circulation. Majorly, one of the reasons why the cashless policy was introduced was to curb rigging and vote buying during the election which we thought it worked out to some extent.
We didn't really experience any scenario where votes are being bought. It seemed each and everyone voted their conscience. Meanwhile, because that was one of the reasons why the cashless policy was introduced but luckily it's assisting us to stop some security challenges like armed robbery and most especially kidnapping. That's stopped for now.
Not until yesterday that the supreme Court now ruled that old naira note should continue to be legal tender until December 31 in Nigeria. I am just being skeptical and concerned about the negative effect that the ruling of the supreme Court would bring if CBN truly support the ruling. Is that not going to bring challenges that we are already solving gradually; challenges like I said above such as armed robbery kidnapping?
Meanwhile, according to the CBN Governor, in person Governor Emefiele, he agreed that they didn't print 30% of the old naira note to new naira notes. What's stopping the fed and CBN to print the new note to balance the book instead of going back to the old naira note? Isn't that a waste of tike? I guess it's in my opinion.
Finally, I guess the cashless policy is also curbing some issues and challenges, so why not stick to it and let it work out naturally? Though we are still awaiting the CBN statement over the supreme Court ruling but I hope the CBN throws the idea into the waste bin, instead they should leave it like this or print some percentage of the new naira note.
Please note that, this isn't a cryptocurrency, financial or businessadvice,it's just an opinion. If you need a cryptocurrency, financial or business advice, consult a cryptocurrency or financial experts. Thank you.
