buhari,aso rock, new naira note,cbn governor,emefieleAttempting to replace an old currency note with a new one on short notice is almost impossible.

The last few days in Nigeria have been a full-blown sob story from individuals about the scarcity of the old and new naira notes.

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In the last few days, the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been under a lot of pressure.

Many people are still asking how the new naira note was distributed and who received it.

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The banks barely had enough money to give the people.

This has raised a lot of questions about whether there was truly any money distributed to the banks nationwide.

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While the earlier deadline drew closer, people pleaded for an extension because the new notes were not in circulation.

On October 26, 2022, the CBN announced its plan to redesign three banknotes.

President Muhammed Buhari subsequently unveiled the redesinged ₦200, ₦500, and ₦1,000 notes on November 23, 2022.

After the announcement, the bank fixed the January 31, 2023, deadline for the validity of the old notes.

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With cries from many Nigerians, the bank extended the deadline from January 31 to February 10, saying it had the approval of the president.

The Supreme Court Ruling

That new date is just few days away. But there is already a reason that new date won’t work.

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Early today, February 8, 2023, President Muhammed Buhari received Mr. Emefiele.

This comes after a supreme court ruling stopped the February 10 deadline for the validity of the three old naira notes.

A seven-man panel of the Supreme Court led by Justice John Okoro, in a ruling, granted the interim injunction after an ex parte filing by the Kogi, Kaduna, and Zamfara state governments.

The outcome of the meeting is yet to be known, but the governor’s visit is in connection with the Supreme Court’s ruling.

Another issues is that the naira scarcity is making Nigerians buy naira notes. Protests are also responses to the police that most states have seen.

It seems the pressure to change the old naira note is about to subside.

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