Nigerian Central Bank Dismisses Old Naira Banknote and Cash Shortage Rumors

[sirty143]

Nigerian Central Bank Dismisses Old Naira Banknote and Cash Shortage Rumors

The Nigerian central bank has dismissed rumors suggesting that the previously demonetized naira banknotes are no longer legal tender. According to the bank, all banknotes it has ever issued remain legal tender and “should not be rejected by anyone.” See more for yourself here.

Your opinion is greatly appreciated.

[Hatchy]

Well, on my end, I haven't seen anyone refusing the old naira notes. It seems like it might just be a rumor that needs to be clarified. The old naira notes still work just as well as the new ones. If the government wants to phase out the old notes, they could simply print more of the new ones and supply them to banks. When people deposit their old notes, these could be returned to the central bank, and the new notes distributed. In my opinion, this could have been the initial approach the Nigerian government took in early 2023 instead of causing confusion and problems in the country. Nigeria has great potential, but it's hindered by poor leadership. It seems like they know what's right but hesitate to admit it and help the nation. Let's hope for better leadership in the future.

[Gm Jutt]

Thank you for sharing.... this information about the Nigerian central bank. They have said that the old naira banknotes... are still okay to use. This is important so that people dont get confused... and the money keeps working well.
It is really important that everyone accepts the banknotes from the central bank. This helps... the economy stay stable. People can keep using their money without any problems or worries... about it being real or not.
When the central bank communicates clearly... it helps stop rumors about not having enough money. It also makes people trust... the money and the banks. This is really important for the economy to keep growing.
Its good to know that the Nigerian central bank has cleared up... these rumors. They have said that all the banknotes they ever made are still okay to use.

[Agbe]

Nigerian Central Bank Dismisses Old Naira Banknote and Cash Shortage Rumors

The Nigerian central bank has dismissed rumors suggesting that the previously demonetized naira banknotes are no longer legal tender. According to the bank, all banknotes it has ever issued remain legal tender and “should not be rejected by anyone.” See more for yourself here.

Your opinion is greatly appreciated.

Yes that was what happened in the country. And the removal of the old naira note was a political purpose and after the election of 2023 the removal was cancelled and when the new president came in he dismissed the policy of the former CBN governor and asked everyone to use the two note alongside. And what we are facing in the country is the shortage of the note in the banks for the customers to use. There is still a limit for the withdrawal process in the bank. Though there are some Banks that there is no limit but the last time when I went to the bank, I was told that I can only withdraw $100.

[joniboini]

And what we are facing in the country is the shortage of the note in the banks for the customers to use. There is still a limit for the withdrawal process in the bank. Though there are some Banks that there is no limit but the last time when I went to the bank, I was told that I can only withdraw $100.

How come there is a shortage if your new government allows both of them as legal tender? Why does the central bank not produce more money? Is there a political reason for this too? From the news that I read, it seems the cause is this failure to switch to the new banknotes, but I can't grasp my head around it. Media also reported that digital transactions soared to new highs because of this, which makes sense if you can't withdraw anything. Is it still problematic there? How much is $100 relative to the average family's monthly needs? It's been months since this article was published, if nothing changes that sucks.

[SamReomo]

Although this thread is not new, but it's a fact that Nigerian currency, naira, has been losing its value so much that now one USD is equal to more than 1500 naira. The devaluation of Nigerian currency shows that Fiat system is totally a failed system, and any time a currency can lose its value.

Now the Nigerian currency is losing its value, and who knows, in future, USD might lose its value as well. So that's why I believe Bitcoin is the way to go. While most of the Fiat currencies are losing their value, but Bitcoin is gaining value. So I believe it's the time to move towards Bitcoin.

[Agbe]

Although this thread is not new, but it's a fact that Nigerian currency, naira, has been losing its value so much that now one USD is equal to more than 1500 naira. The devaluation of Nigerian currency shows that Fiat system is totally a failed system, and any time a currency can lose its value.

Now the Nigerian currency is losing its value, and who knows, in future, USD might lose its value as well. So that's why I believe Bitcoin is the way to go. While most of the Fiat currencies are losing their value, but Bitcoin is gaining value. So I believe it's the time to move towards Bitcoin.

you are not a Nigerian by you hit the nail to the woods very well. You have spoken well. The devaluation nif the naira has caused or inflicted a lot inflation and suffering to the people. The country nis on the side of collapsing and in 2011 $1 was equal to 150 and as of then Work Bank yearly report shows that the average Nigerian as of then could not live with a dollar which was just 150 and now that $1 is equal to 1500 and above in some cases, what will the average Nigerian will do to survive. Well some people are saying that it is the demand and supply is the caused of the rise of the dollar but as for me I see it from the government policies. It is the policies of the government that is causing this devaluation of the naira and the rising of the dollar. And one of the funniest part is that as dollar came down to 1440, the prices of things are still stagnant. Still stand.

[rachael9385]

For me I haven't heard about this rumour. But maybe the CBN may have heard of it and you know in Nigeria things really happen during this Xmas period so it is good that they used this period to clear the air of any demonetization.
Rumors are very powerful by when it gets to 1 or 2 ears hear it, it will start spreading and some people would want to push their funds and be pressured to clear their account.
So be it true or rumor it has been cleared.

[Chilwell]

Finally I got to read this article, I have been hearing the rumor also, but after seeing this, I have been convinced that both the old note and the new notes are legal tender, I felt a little bit relief. Because the citizens faces a lot of hardship in 2023 during the currency exchange, the new notes hasn't circulate yet, it is an excellent idea that the government make both the old and new notes legal tender. This is going to favor the poors a lot honestly, because if the old notes are banned, they are the ones that will face the consequences.

[Nheer]

Finally I got to read this article, I have been hearing the rumor also, but after seeing this, I have been convinced that both the old note and the new notes are legal tender, I felt a little bit relief. Because the citizens faces a lot of hardship in 2023 during the currency exchange, the new notes hasn't circulate yet, it is an excellent idea that the government make both the old and new notes legal tender. This is going to favor the poors a lot honestly, because if the old notes are banned, they are the ones that will face the consequences.

Leaving both new and old note to circulate then I don’t think they will be able to get rid of old note but when a law like this Come then everyone will try and dispose the old note and go to commercial banks and give it to them but it will really take a lot of period the government needs to give the citizens a lot of time so this can be done very appropriately.
So when old naira note get to any bank then it shouldn’t be released to any citizens at any circumstances, government should come with a fixed date so that the news will circulate and reach every part of the country and then a lot of citizens will make their way to banks and give them the old naira note.

[Rruchi man]

Finally I got to read this article, I have been hearing the rumor also, but after seeing this, I have been convinced that both the old note and the new notes are legal tender, I felt a little bit relief.

It is good that the central bank of Nigeria has come forward to clear the air on this because that would have caused and resulted in a lot of panic as it did last year. Nigeria is really very stressful for most citizens, and many will not be wishing for more stress. Banks are not as accommodating as they used to be, and there services are no longer prompt because you may need to wait for a long time before you get attended to, and this is why most Nigerian citizens hope to never have any issue that will take them to the bank.

[Agbe]

This issue about the new naira notes has been an issue that has been lingering for a while now and to me the central bank of Nigeria should take a decision on it because to me it this whole matter has turned political because it was from the time of  president buhari that this matter started and by now it should been an issue that should have been solved because I have seen that it is now one thing that people have  turned into a Money making venture every Christmas season because in every festive seasons they will bring up this matter and make flow of cash scares there by turning these new bank notes into business especially for the P.O.S agents