In a significant development, the official X (formerly Twitter) handle of Nigerian Stories announced that the old 200, 500, and 1000 Naira notes will cease to be legal tender in Nigeria after December 31, 2024. This decision marks a critical shift in the country’s monetary policy, potentially impacting businesses and citizens alike.
The Central Bank of Nigeria’s (CBN) move comes after months of speculation surrounding the fate of the old naira notes, which were previously the subject of public debate during the controversial currency redesign policy initiated by the administration of former CBN Governor, Godwin Emefiele. That policy had sparked widespread public discontent due to the limited availability of new notes, creating significant financial hardship across the country.
However, reactions to this recent announcement have been mixed. One prominent X user expressed skepticism about the government’s handling of the situation. The user, commenting under the handle “Inconsistencies with T-Pain’s government are like 5/6,” criticized the decision, saying: “I thought they suspended the policy. Why go back to it after all the falsehoods and the ‘Indian film’ they did with Emefiele?”
This comment references the chaotic rollout of the naira redesign and the dramatic fallout involving Emefiele, who faced scrutiny and legal issues during and after his tenure. The “Indian film” remark seems to allude to the melodramatic nature of the events surrounding the policy, suggesting that the government’s actions have been confusing and inconsistent.
As the December deadline approaches, questions linger about the preparedness of financial institutions and the public for another potential monetary shift. With many already wary of past inconsistencies, the government will need to carefully manage the narrative and ensure that the transition is smooth and transparent.
Whether this move will stabilize the economy or ignite further debate remains to be seen. The next few months will be critical as Nigeria braces for the impending phase-out of its old currency notes.
PIONEER NEWS 