Nigerians of all stratums have expressed joy and relief over the announcement by the Central Bank of Nigeria that the N500 and N1000 notes remain as legal tender till 31st of December, 2023
This announcement came after the presidency had stated that it has not instructed the CBN not to obey the Supreme Court judgment which extended the validity of the currency notes as legal tender till December 31st, 2023.
The CBN in a press statement signed by the acting director, Corporate Communications, Isa AbdulMumin, on Monday, stated: “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court judgment of March 3, 2023.”
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
Consequently, all concerned are directed to conform accordingly.”
Tosin Oluwasupo a trader, and an operator of Pos in mile 12 market, Lagos, was full of joy when the news got to her Monday night.
She said, “at least, I will stop buying Naira at ridiculous interest rates from those who have the cash to offer.
She said she was asked to pay N50,000 interest for the sum of N200,000 but she had to decline because she does not know how she would resell it to her customers.
Haruna Sule, a yam seller in the same market told Business Standards that, with an announcement from CBN, he hopes traders from the northern part of Nigeria would start bringing down commodities to sell in Lagos, stating further that because the traders have reduced in number, the volume of trade in the market has also reduced with its attendant consequences of high prices.
He said all commodities are affected and pointed to a general area of the market which was normally occupied by those selling vegetables, cold fish, and soup materials but which has almost become desolate.
Meanwhile, the Nigeria Labour Congress (NLC) has given the Federal Government seven-day ultimatum to address the current currency crunch and fuel scarcity in parts of the country or risk a nationwide industrial action at the expiration of the ultimatum.
President of the NLC, Joe Ajero gave the strike notice, after the meeting of the central working committee of the Congress on Monday.
Ajero, who bemoaned the hardship faced by Nigerian workers owing to the naira redesigned policy of the Federal Government and the lingering fuel scarcity in parts of the country, said the union has been pushed to the wall.
Ajero said, “The Congress wishes to inform the Federal Government that we will no longer keep quiet to this issue of perennial fuel scarcity and arbitrary increase on petroleum products.
“The NLC is giving the Federal Government of Nigeria, the agencies of government including the Central Bank of Nigeria and other banking institutions seven working days to address the cash crunch issue. If they fail to do this at the expiration of the seven days, Congress is directing all workers in the country to stay at home because it has become very difficult to access N1 to board vehicles to our workplace.”
