The change of the naira note dominations of 1000 ,200,500 has created a lot of tress to the citizens,the complain was that the new note was not enough in circulation and banks also making illegal money from hording the new note and selling it to customer who will pay more to have it ,the POS people also increase their tariffs from 50 naira to 200 naira for the new naira note per 1000
The Nigeria citizens has requested for an extension for the money to be in circulation and a week was added to the deadline date and Wednesday was the deadline that the old notes will no longer be a Leger tender,
But yet the money is not in circulation and the petty traders still have the old notes with them and are complaining of where to change the old notes .
In defiance of the Supreme Court order, the Central Bank of Nigeria, CBN, declared that the old naira notes of N200, N500 and N1000 have ceased being legal tender in Nigeria since February 10, 2023.
Supreme Court restrained CBN from implementing the February 10 deadline to stop the circulation of the old naira notes.
the old naira ceased being legal tender on February 10.
For the avoidance of doubt, CBN is ready and is open to receiving all of those old notes based on certain conditions and criteria.
Customers are free to come to the bank and deposit, which they cannot do at the commercial banks anymore because the currency has ceased to be a legal tender since the 10th of this month.
The CBN as given a directives to the people to come with their cash to the nearest CBN around them to change their old naira note
But my question is this
will this solve the problem of the new naira note not in circulation to the Nigerians?
