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.Nigerian Central Bank Dismisses Old Naira Banknote and Cash Shortage Rumors(https://i.imgur.com/KtuI91ym.jpg)
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 (https://news.bitcoin.com/nigerian-central-bank-dismisses-old-naira-banknote-and-cash-shortage-rumors/).
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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.
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.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.
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.