RELIEF AS BANKS ABIDE BY CBN DECISION AND OLD N500 AND N1000 NOTES RETURN
The development followed the Central Bank of Nigeria's decision on Monday to Deposit Money Banks to accept and disburse the old Naira notes in compliance with the Supreme Court's order.
Recalls that the N200, N500, and N1000 notes had been modified by the CBN in an effort to implement its cashless agenda.
The replacement of the old notes with the new ones sparked debates, leading to violent demonstrations around the nation in opposition to the ineffective new notes.
On February 10, the deadline for utilizing the old notes expired, resulting in historically long lines at bank locations as Nigerians fought for the new notes.
President Muhammadu Buhari had on February 16 ordered the repatriation of old N200 notes, although N500 and N1000 notes remain outlawed, in an effort to quickly stop the violence brought on by the currency shortage.
A few governors elected on the platform of the All Progressives Congress, or APC, had taken the Federal Government to the Supreme Court in an effort to get the old notes back and ease the suffering of the people before Buhari's nationwide broadcast, which largely subdued the rage displayed by bank customers.
The governors thought the strategy was a part of an alleged plot against Bola Tinubu, the party's current front-runner for presidency.
The Supreme Court ruled on Friday that the old Naira notes must continue to be used until the end of current year, which is December 31.
The CBN must allow the old and new Naira notes to circulate side by side till the end of the year, per a ruling from the Apex Court.
On Monday night, under pressure, CBN Governor Godwin Emefiele agreed to allow the old notes to be circulated in accordance with a court order.
The notes that have returned to the market, particularly in FCT, are being accepted by traders, according to MON DIARIES on Tuesday.
On Tuesday, numerous people could be spotted making purchases in the Bwari and Dutse markets using the outdated notes.
According to MON DIARIES' survey, Nigerians are becoming more accepting of the old notes, however some groups, particularly transporters, continue to reject them.
"The problem is not really about obeying the Supreme Court order. The question is, will the CBN release the old notes? I don't see that happening.
"Of course people who have the notes will be allowed to make transactions with it but it will still not be enough.
"The truth is, the cashless policy is here to stay; we just have to understand this and get used to it. You won't have cash again like before", she said.
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