CBN Sends Message To Nigerians Over Scarcity Of New Naira Notes

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has appealed to Nigerians to be patient and show understanding as the newly redesigned naira notes will be in circulation and accessible in no time.

The CBN Governor made the appeal while speaking with journalists at an event in Lagos. According to him, Nigerians should be calm and adopt a good queuing system while trying to get new notes, PUNCH report.

He also added that the new naira notes are for the benefit of the Nigerian economy and the reward after the challenges is enormous.

In his words:

“I understand the agitation and I’m begging in God’s name, we on our knees begging people to please show understanding. They should be calm.

In our meetings with the banks, we have told them to set up tents and chairs, give people numbers, which I’m sure some people will say it is old fashioned.

But at this time that we’re trying to get the currency in circulation amongst everybody, people have to have numbers and they come in under a queueing arrangements that when you come in you get served, if it finishes, just be patient.

By tomorrow, when you come back, they will start from where they stopped, you will not be cheated.

Let’s just be calm and adopt a good queueing system, the assurance we give is that it will eventually go round.

Eventually the limits will be raised and eventually the limits will be removed and people will be able to conduct their business transactions in a way that it has always been in the past.”

In a new development, the Federal Capital Territory (FCT) high court has restrained the Central Bank from extending the deadline on the use of old naira notes.

The apex bank on January 29 extended the deadline for the withdrawal of the old naira notes from circulation to February 10.

Delivering a ruling on Monday, February 6, in a suit marked FCT/HC/CV/2234/2023, Justice Eleojo Enenche ordered the CBN not to extend the deadline pending the determination of the suit.

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The CBN, President Muhammadu Buhari, and several banks were included as defendants in the suit.

“An order of interim injunction is hereby made restraining the defendants whether by themselves, staff, agents, officers, interfacing banks or whosoever not to suspend, stop, extend, vary or interfere with the extant termination date of use of the old N200, N500, and N1000 bank note being 10th day of February, 2023, pending the hearing and determination of motion on notice,”

the court held.

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The judge also made an order of interim injunction “directing and mandating the defendants whether by themselves, staff, agents, officers, interfacing banks or whosoever described to comply with, implement and give effect to the currency redesign and restructuring of the old N200, N500, and N1000 bank note on or before the last day of 10th of February, 2023, pending the hearing and determination of motion on notice”.

The court further directed the bank heads, chief executive officers, managing directors and/or alter egos “to forthwith show cause as to why they shall not be arrested and prosecuted for the economic and financial sabotage of the Federal Republic of Nigeria by their illegal act of hoarding, withholding, nor paying or disbursing the new N200, N500 and N1000 bank note, being the legal tender of the federal republic of Nigeria to their respective customers, despite supplies of each such currency note by the 2nd and 3rd defendants, thereby leading to the present scarcity of currency notes in circulation”.

The order will be for an initial period of seven days until the motion of notice is heard on February 14.