New Naira notes, CBN Gov. Emefiele and President Buhari
Scarcity of Naira may still plaque Nigerians a while yet, as the Central Bank of Nigeria (CBN) may still not be able to meet the spending public’s demand even if ordered to allow the old notes to be spent along with its newly redesigned counterparts.
This is because, according to a reliable information, the old notes may no longer be readily available to bail the country out of its present financial impasse as they have been burnt by CBN.
Recalled that the Supreme Court of Nigeria made a ruling recently that the old Naira notes should be accepted as legal tender in the country until December 31, 2023.
However, President Muhammadu Buhari is yet to address the matter, and the Central Bank Governor, Godwin Emefiele, has also refrained from speaking on it.
But in a report by the Daily Trust newspaper, an editor who covers monetary policy at the CBN, Sunday Michael, disclosed that the CBN burned some old Naira notes collected from Nigerians a few weeks ago.
Michael expressed uncertainty about whether the CBN still has old notes to give to Nigerians if ordered to do so by Emefiele because the CBN claimed to have already burned the previously collected notes.
Michael stated that although the Supreme Court issued a ruling, the CBN has operational authority, and the ruling did not direct the CBN to reintroduce old notes into the system, but rather only extended the deadline for their use.
Therefore, despite the Supreme Court’s ruling, the CBN has not taken any steps to reintroduce the old Naira notes into circulation.
Michael’s report reveals that the CBN has burned some of the old notes, and it is uncertain whether the CBN has enough old notes to fulfill the demand if needed.
Meanwhile, the CBN Governor, Godwin Emefiele has announced the end of its Cash Swap Programme In the rural areas
CBN Acting Spokesperson Isa Abdulmumin said the currency exchange program, which allows villagers and the unbanked to exchange old notes for new ones, has ended.
He said the program had served its purpose and would not be sustained.
