An Act Of Economic Sabotage? Emefile's CBN Yet To Release Old Notes To Banks.

The one step forward two step backward game between the central bank and Nigerians has taken another dimension as the Central Bank refused to released the old N1000 and N500 Naira notes to deposit money banks for onwards circulation in oder to alleviate the hardship faced by citizens as a result of the cash crunch that has paralyse economic activities since the FG unilaterally initiated it's cash swap policy through the CBN early February.

It could be recalled that earlier this year the apex bank had announced that it has mopped up three trillion Naira in the process and also claimed to have printed a paltry sum of three hundred million of the New notes which is about 10% of the total amount mopped up.

This led to serious shortage of cash around the country leading to excruciating pain and the total collapse of many small and medium businesses who lack the capacity to run cashless transactions. 

These and other reasons led the State Governors of Kaduna, Kogi and Zamfara to approach the Supreme Court seeking interpretation of the CBN act and the powers of the Federal Government to unilaterally effect a currency redesign without carrying the State Governments along. 

In it's ruling the Supreme Court voided the CBN policy and ordered that both old and New Notes should be used concurrently until Dec 2023. 

Initially the CBN had ignored and ruling and refised to react to it, faced by contempt of Court Charges being filed by the three State Governments the CBN orders banks to accept the old Naira Notes as deposits and issue same to customers both over the counter and through ATM machines. 

Yet independent finding the Daily Trust Newspapers revealed that "The Central Bank of Nigeria (CBN) is yet to release the old N1000 and N500 notes it mopped out of circulation despite asking commercial banks to commence their recirculation."

Thus the cash scarcity continues unabated leaving citizens in pains around the country.