Nigerians still can’t access the new or old Naira notes even after the Supreme Court’s order to allow their use as legal tender until Dec. 31. In Abuja, Deposit Money Banks (DMBs) haven’t shown compliance, and residents are queuing for hours at ATMs and POSs without success.
A bank official says they have yet to receive directives from CBN to disburse the old notes, and there is no availability of old notes to pay out. The federal government can’t comply because it lacks the Certified True Copy of the judgment.
The apex court invalidated the Naira redesign policy on the grounds of insufficient consultation and non-compliance with constitutional provisions, ordering the use of old notes side-by-side with the new ones. Financial expert, Okechukwu Unegbu, praises the decision, urging CBN to release the over two trillion Naira of the old currency it had mopped up through DMBs.
Economist, Tope Fasua, urges Buhari to direct CBN to make the old and new Naira notes available to Nigerians and to ensure optimally functional internet capacities for the cashless policy to be effective.
Fasua commends the Supreme Court’s decision but criticises the CBN’s internet capacity and the uptick in their experience that chokes the banks’ platforms, urging them to improve their online banking capacity.
