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It's no longer a news about the money saga in Nigeria my country;
Central Bank of Nigeria initiated the change of N200, N500 and N1,000 notes.
A deadline for usage the old notes was implemented by CBN and the supreme Court countered it, but CBN won the case and and the earlier implemented deadline stood on its ground.
Nigeria became extremely tough because of lack of cash in circulations, a lot of havocs were caused such as burning of Banks facilities.
There was absolutely no option for us than to accept out fate, we can't take the CBN to court because they were once charged to court and they won the case. What's left? We had to accept the new policy and suffer all the issues.
Just last week, the supreme Court announced that they've won CBN and the earlier suspended old notes should be pushed back to circulation.
This is where our problems lie right now.
Around 7:00 p.m. yesterday, I was very hungry and needed to buy some foodstuffs, but I had no cash on me and the market women close to my area don't accept money transfers, so I decided to get some cash from a POS center. I got there, and as a custom, I first of all asked how much the withdrawal fee was, expecting a beat down from the usual 40% withdrawal charges since it's been announced that the old N500 and N1,000 notes are back in circulation, but I was shocked to hear N400 for N1,000 charges (still the same 40% withdrawal charges). I asked the lady why she has not reduced her charges, and she said things are still the same because they haven't seen the old notes returned to circulations, "or have you seen the old notes recently?" She added.
There was no option for me; I had to withdraw on those charges to quench my rumbling stomach(hunger).
Why are the old notes not yet in circulation?
I don't know whether you've seen the old notes in circulation there, but over here in my state, money is still scarce like 'true love'. Things are still the same.
I was listening to a radio program this morning, and this issue of the old notes not yet in circulation was being discussed, and I got some clues from it.
WE DON'T HAVE A SOLID LAW
Before now, we've had "dribbled judgment" on this case of the introduction of new naira notes and the pulldown of the old naira notes between the Supreme Court, the Federal government, and the CBN (Central Bank of Nigeria). We saw how the Supreme Court had earlier postponed the deadline issued by the CBN for the usage of old naira notes, but the CBN stood its ground and the verdict of the Supreme Court became null.
This has made banks scared to release out the old naira notes into circulations. The people (you are I) are also scared to accept the old naira notes because anything can happen overnight.
The CBN and Federal government could wake up in the morning and counter the verdict of the supreme Court, and by then these monies are already in the hands of people and It'd become another heated battle on how to dump the money or change to a new notes.
The whole thing is tiring 😢
Thanks for reading
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