Following a recent directive by commercial banks allowing customers to deposit old N1000 and N500 notes with a maximum amount of N500,000 and only one deposit allowed before April 10, 2023, the Central Bank of Nigeria (CBN) released a statement denying authorizing any such action.
The CBN has directed that only the old N200 banknotes will be reissued and recirculated as legal tender for 60 days. Protests have spread throughout the country due to President Buhari’s speech last week putting a stop to the use of old N500 and N1,000 notes and the scarcity of new notes. In Lagos, protests turned violent, and police had to intervene in Ojota and Okekoto.
In Kaduna, traders and transporters refused to accept old N1000 and N500 notes and only collected the new N1000, N500, and old N200 notes.
In Port Harcourt, protests resulted in severe gridlock, where women and physically challenged beggars demonstrated against the scarcity of new naira notes.
The Lagos State government urged residents to be law-abiding and promised to take action to ease the situation.
The Supreme Court will be looking into the matter and will make its position known on February 22, 2023
