As the Central Bank of Nigeria (CBN) deadline on the use of old naira notes ended on the 10th of February, 2023, naira scarcity situation has exacerbated with citizens begining to vent their frustrations on the banks.
In some parts in Nigeria, some citizens have poured on the streets protesting the hardships that the naira scarcity has caused them. Some of the protesters have touched some banks in Delta and Oyo state, credible reports say.
Some states that have witnessed intensed protests include Oyo State, Delta State, Edo State, and Anambra State.
This is even as on Tuesday in Abuja, the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele described as propaganda the tensions and agitations that have greeted the new naira notes scarcity.
He told the diplomatic community that the tremendous tension and elevated agitation are mostly staged and sponsored propaganda.
He also foreclosed re-flating the economy with as much banknotes as the pre-Naira redesign era.
He said the CBN is also only allowing about N700 billion worth of banknotes in the country compared to about the N3.7 trillion worth of banknotes that were previously in circulation.
Although the CBN Governor had assured the apex is doing everything possible to mitigate the impact of the policy decision on the citizens, the impacts of the CBN interventions are still not being felt.
The CBN Governor has maintained the policy is irreversible in spite the Supreme Court’s decision restraining the Federal Government and it’s agencies, CBN inclusive, from banning the use of the old notes. The CBN has enforced the deadline and the commercial banks have stopped accepting the old naira notes..
CBN has further given till February 17th, for all the old notes to be returned to it or the holders permanently loose the value.
