Developing story: Old naira notes are back

Developing story: Old naira notes are back 

By PHC Telegraph

Godwin Emefiele, Governor of Central Bank of Nigeria forced to put back old naira notes into circulation. Is Emefiele a saint or a villain?

The Supreme Court ruling which says the old naira notes phased out by the Central Bank of Nigeria, CBN, are still legal tender until December 31st, 2023 may help in putting an end to the severe pain Nigerians are facing.

Nigeria’s outgoing President, General Muhammadu Buhari now a victim of his own fight against corruption. Is it possible Emefiele and others lied to him in order to implement a skewed and vicious naira redesign policy?

Most banks in Port Har-court, the Rivers capital secure-ly shut their doors Friday as des-perate deposit-ors anxious-ly waited for an opportunity to access their own funds under the hot sun.

For weeks. Nigerians, high and mighty, low and downtrodden have toiled in vain to raise much needed cash.

Across the country for instance, trading in local currency has assumed a new dimension.

PoS operators and a few Nigerians who have access to scanty naira notes have resorted to making mind-blowing profits.

Most are charging as much as N4000 for every N10,000 that Nigerians in Rivers State access at cash payment points outside banking halls.

Cash back opportunities at petrol stations have dried up, with residents alleging increasingly that the few naira notes available are being mopped up and given to the highest bidder.

“Every day we come here (GTB) to struggle for space to get a few naira bills”, a dejected middle aged customer who said his name is George remarked, anger and frustration written over his face.

“Bank staff have been acting like overlords”, Amadi Boniface, a young depositor stranded in front of Premium Trust in Trans Amadi revealed.

“They no longer treat us with courtesy”, a lady, Mercy by name who sat on the floor at the GTB branch in Trans Amadi  lamented, ” security men have become kings.”

Along the Trans Amadi axis, many workers at the weekend spent many man hours at ban

Captured by our camera: Bank customers gathered in front an ATM (Automated Teller Machine) in Port Harcourt, Rivers State.

k premises in an attempt to lay their fingers on Nigeria’s elusive naira notes.

While Nigerians labour in vain in search of money to feed, the Apex Court in a landmark ruling Friday, said the action of the Federal Government and its sole agent, the CBN, amounted to an affront.

Seven justices of the highest court in the land held that the steps taken by the Government of the Federation was a complete affront to the 1999 constitution.

Against that backdrop, the nation’s top court dismantled the manner of the implementation of the naira redesign policy introduced by the CBN under the watch of Godwin Emefiele, which has dislocated the economy and brought hardship on ordinary citizens.

Yahaya Bello: Supreme Court hope of common men

Giving its ruling, the Supreme Court ordered the CBN to restore the old N200, N500 and N1000 and ensure that they remain in circulation until December 31st, 2023.

Governor Nasir El-Rufai of Kaduna State, who spoke after the ruling noted that the Court’s decision on the suit that they instituted was unanimous.

Yahaya Bello of Kogi State said the judgment of the Supreme Court has proved that the judiciary is not just the hope of the common man, but the savior of common men.

While most Nigerians rejoice over the victory of 16 states in court, they wonder if the decision of the Apex Court will bring succour.

There have been rumours emanating from the banking sector that the old notes yanked off the streets by the CBN have been destroyed.

If this claim turns out true, Nigerians might face rougher days ahead, meaning that they will continue to beseige banks in search of money with which to meet their needs.

Will Emefiele and his associates at the CBN take steps to lessen the burden of ordinary Nigerians now that the Supreme Court has spoken clearly?

Only time will tell.

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