CBN finally allows old Naira notes as legal tender until December 31, 2023. After the recent Naira crisis in Nigeria, the Central Bank of Nigeria (CBN) has directed commercial banks to accept old Naira notes as legal tender.
The decision came after the Supreme Court ruled that the old Naira notes would remain valid until December 31, 2023. The presidency and the CBN have both faced criticism over their handling of the crisis. State governors threatening to file contempt charges.
However, the CBN’s decision to accept the old notes has been welcomed by many. Director of the Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, saying that it would restore Nigeria’s broken economy.
While the decision is a relief for many Nigerians, there are concerns about the impact of the crisis on the economy. Professor Godwin Oyedokun of Lead City University has called on commercial banks to pay their customers interest for the period they could not utilise their money due to the crisis. Also, he stated that there is need to have more money in circulation. The new Naira notes must be sufficiently printed and circulated to avoid future crises.
