The Central Bank of Nigeria’s (CBN) recent announcement regarding the indefinite extension of the validity of the old N200, N500, and N1,000 notes has sparked varied reactions from the public.
In a statement titled “CBN To Allow Old Design Naira Banknotes as Legal Tender, Ad Infinitum,” the CBN’s Director of Corporate Communications, Isa AbdulMumin, explained that the decision aligns with international best practices and aims to avoid the challenges experienced during previous policy implementations.
The apex bank had initially introduced redesigned N200, N500, and N1000 denominations in October 2022, with set deadlines for the phasing out of the old designs as legal tenders.
Nigerians took to social media to express their opinions on the extension, with some commending the new CBN Governor, Yemi Cardoso, for the decision. However, a spectrum of reactions reflected both appreciation and criticism.
Twitter user @bushman_paul highlighted the difficulties faced by individuals during emergencies, emphasizing the impact of the old note policy. Meanwhile, @_fola1 expressed skepticism, suspecting hidden motives behind the decision.
Others, like @yakymoney and @VictorAlab83054, questioned the financial resources spent on printing new notes, considering the previous effort to phase out the old denominations.
Some users, such as @jesusmyking9 and @simeontobi0, expressed frustration with the coexistence of old and new notes in the market, foreseeing potential challenges, including inflation.
The diverse reactions underscore the complex sentiments surrounding the CBN’s decision, with some Nigerians praising the extension as a positive move, while others raise concerns about the implications and potential economic consequences.