Naira Redesign: No Respite As The CBN Is Yet To Review Supreme Court Ruling On Old Naira Notes

Over the weekend, as the CBN is yet to review the Supreme Court judgment on the old Naira notes, it seemed like there was no sign of a relief for ordinary Nigerians and owners of Small and Medium-Sized Businesses (SMEs), whose standard of living has fallen as a result of the severe cash squeeze in the Nigerian economy brought on by the Central Bank of Nigeria's Naira redesign policy.

According to some Nigerians I spoke with over the weekend, the difficult situation they are going through was made worse by the orders from the Federal Government, the State Governments, and the Order of the Supreme Court of Nigeria, which were contradictory and ambiguous; adding that they have not yet experienced the effects of President Muhammadu Buhari's order to recirculate the old N200 notes.

According to Ms. Bola Aderemi, PoS at Ikeja, who spoke with the Sunday Telegraph, approximately one week after President Buhari ordered the recirculation of old N200 notes, both the old and new N200 notes are no longer available because the majority of banks continue to ration what they pay out to customers. I have been going to my bank every day, but the most a customer can take out in a day is 5,000 Naira and sometimes even N2, 000. The majority of the time, they have no money at all.

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