NAIRA SCARCITY UPDATE: WHAT YOU NEED TO KNOW

18/02/2023

SHINA J.O

IMPLICATION OF WHAT PRESIDENT BUHARI SAID ABOUT THE NAIRA SWAP YESTERDAY

***The old 200 naira notes remain a legal tender till April 10yh 2023

***That CBN will release the old 200 notes they have collected back to banks so you can see money to withdraw.

***The old 500 and 1000 naira notes are no longer a legal tender.

***Commercial banks are no longer allowed to collect the old 500 and 1000 notes from customers.

***Those still having the old 500 and 1000 notes are to deposit them at CBN designated points in their states which are the CBN branches across the states.

***This implies that you should Stop accepting the old 500 and 1000 naira notes in your place of businesses or be ready to travel to CBN to deposit them before April 10th.

*** Note that you will have to fill a form online first to generate a reference number before you proceed to CBN to deposit the old 500 and 1000 notes with you and after the deposit, it can take up to 4 weeks for the money to reflect in your bank account and the money would be withheld by CBN if they are unable to verify your identity as the owner of the account you provided. You can avoid all these by simply not accepting the old 500 and 1000 naira notes.

***Stop hoping on the Supreme Court, they are confusing you. Know now that the Supreme Court does not have the power to overturn the President’s policies except when it breaks the law.

So far, this policy has not broken any law, hence the Supreme Court has no power to step in. So stop hoping. The Supreme Court are not there to make or amend policies or laws but are there to protect the law, except the Supreme Court wants to be the one ruling the nation.

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