Kaduna residents express relief as CBN orders use of old Naira notes

Kaduna residents have expressed relief following the Central Bank of Nigeria’s directive to commercial banks to start issuing and accepting old Naira notes.

DAILY POST recalls that the CBN had finally obeyed the Supreme Court order over the issuance and receiving old N500 and N1000 notes.

The residents said although the old notes have become scarce, they are hopeful those who had huge sums stashed away may aid the circulation.

Former Director, Central Bank of Nigeria, Dr. Shuaibu Ekpa, expressed relief over the order for the use of old Naira notes.

According to him, Nigerians would be free and relieved, adding that within the time limit, people would know how to manage the old currency.

“Nigeria is a country with people of high profile, whose fundamental human rights cannot be infringed upon. Therefore, the CBN’s directive following court order will make people to have a shy of relief,” he said.

Professor Sewuse Ordii, Department of Economics, Ahmadu Bello University, Zaria, said going back and forth over burning national issues is a failure on the part of government.

According to him, before the government issued an order it must have fully digested, weighed up and scrutinized the order and ensure that once it’s issued, there is no going back.

He said a situation where government will say something, the governors will form another government to oppose the Federal Government is a total failure, and a national disgrace.

According to him, the acceptability of old Naira notes may take a very long time among the rural dwellers, adding that they had since rejected the old notes, accepting it now, may take serious persuation.