CBN Directive on Acceptance of Old N500 and N1000 Naira Notes Draws Reactions from Nigerians

Nigerians have expressed their outrage after the Central Bank of Nigeria (CBN) announced that old N500 and N1000 Naira notes are still considered legal tender, in accordance with a Supreme Court order. This follows President Muhammadu Buhari’s insistence that he had not instructed the CBN Governor, Godwin Emefiele, or the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, to disobey the apex court’s ruling. The CBN spokesperson, Isa Abdulmumin, stated that the old notes remain legal tender until December 31, 2023.

Many Nigerians have expressed their discontentment with the federal government and CBN, as prior to this decision, they experienced difficulties in accessing the Naira notes and some even lost their lives in the wake of the Naira crisis. People have questioned what economic impact this strategy has had other than negative, and why the government put citizens through such stress in the first place. There is also confusion over why banks are not collecting the old notes when people attempt to deposit them.