Many Nigerians are worried over the current status of the old naira notes. The CBN is keeping mum whether or not the deadline will be extended after the Supreme Court barred the federal government from enforcing the February 10 deadline.
Prior to today, February 10, 2023, the currency swap deadline has been postponed to provide the Central Bank of Nigeria (CBN) time to withdraw the old notes from circulation.
The deadline had been extended by the Supreme Court until February 15th, but the CBN has not stated whether or whether there will be another extension.
The Supreme Court has been requested by the federal government to dismiss the action challenging the CBN deadline of February 10, nevertheless. Looking at the CBN website more closely reveals that this implies the old notes’ validity would end today.
On February 3, a few Nigerian governments sued the CBN to demand that it stop its currency reform program. The Nigerian Supreme Court rescheduled the case’s hearing for February 15th. The federal government has reacted to this claim made against the CBN.
Abubakar Malami, the attorney general of the federation, has petitioned the Supreme Court via counsel, claiming that it is not qualified to hear the case.
Abubakar Malami further asserts that the states objecting to the currency redesign concept have not presented a strong case for action. But in addition to the new naira and gasoline scarcity, the conditions that many Nigerians are living in as a result of the currency redesign are terrible.
Many locals have taken to the streets to express their displeasure since commercial banks won’t allow individuals withdraw their hard-earned money. In many bank buildings, automated teller machines do not hand out cash to customers.
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