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Nigerians’ Divergent Reactions Over CBN’s Announcement on Old Notes; Anger and Optimism

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NAIRA

CEM REPORT, FINANCE | After the long wait (ten days), the CBN has finally announced that it will comply with the supreme court judgment and allow the old notes to circulate along with the new notes till December 31st 2023.

In a circular released Tuesday, March 14, 2023, the financial institution regulator and nation’s currency manager added that all deposit money banks are hence directed to accept and pay the same.

While CBN remained silent over the Supreme Court ruling declaring the old notes legal tender, Nigerians had remained in confusion

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While the announcement can be termed reliving, it has however sparked reactions from Nigerians. While some are happy over the announcement, majority have reserved that the announcement is of no use noting that instead of recirculating the old notes, the new notes should be made more available.

Others express disappointment and disbelief that the CBN directive to banks is only to abate impending chaos and not to ease the pain. Some other blatantly called it actions in futility, saying that CBN just inflicted hardship on citizens.

CEM collection of reactions on social media are as follows

@ChukwumaOliver2; We didn’t need u to tell us that, for d Supreme Court of Nigeria, had decided that over a week ago. What Nigerians needed u to say is that from tomorrow morning d old Naira notes will be available in d ATMs of d Banks,&that d Banks should also accept d notes for deposit.

@owazo; Why the backward talk? New notes in the ATM are what you should seek; some naira notes have been redesigned. We should seek more in circulation. We can’t have suffered in vain.

@sabiboii; What’s actually the need to go back to the old notes when the new notes should be released to the public, why go back to the old notes?

@official Edy; And let them remove the cashless policy as well because no matter how u legalize old naira notes banks go still make sure money no circulate is very easy to do

@c_umendiego; It remains legal tender indeed after the confiscation of the whole money. Is it not when we see the money that we will be able to spend it? They accept because they know the old note in circulation is few.

@settingsmedia; CBN will have to explain to us what they actually achieved with what they did these past months

@joseph_ajiboye; Hope now Nigerians can get their money from ATMs not to say the old currency is still legal tender till December 31st and Nigerians are still queueing or struggling to get the old currency from the bank and the central bank will not say old currency has been burnt

@pankoo4real; What was the meaning of this abeg? After all the untoward hardship, pains loss of lives, crumbling of small-scale businesses and so on? How can a government be so insensitive to the plight of its citizens, forcing down the throat of its citizens a policy that’s not well planned

@abayomi _abbey; Futile efforts, what’s the gain? Just pain and anguish for the masses.

@adebusolasesan; as a result of your failure policy I paid extra charges to get money instead of #1,980 to get #90,000 since February I spent #14,580. As a responsible Institution kindly refund me. Access bank 0059281227 Adebusola Sesan Emmanuel thank you.

Someone by username @temple359 simply adviced CBN; “Please announce it on the TV Stations and Radio for most people in the Rural area to hear this, some people are still finding it difficult to accept the old notes”

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