Naira scarcity forced millions of Nigerians into starvation, before and after the Nigeria Presidential election the federal government of the Republic of Nigeria approved the CBN (central bank of Nigeria) currency design policy and since then, Nigerian are yet to recover from the severe financial crisis they have been forced into.
The currency redesign policy left Nigerians with no other options than buying the new Naira notes with additional fees, a lot of Nigerians are now 30% poorer before the Naira redesign policy came into effect, meanwhile millions of Nigerians are starving due to traders, businesses refusing to accept the old notes and banks inabilities to dispense new notes to the public,
Because of this Nigerians have so far lost huge by buying the new currency notes at over 30% in fees, meanwhile the Supreme Court of Nigeria on March 3rd 2023 ordered the Central Bank of Nigeria (CBN) to allow the old 200, 500 and 1000 Nara notes to remain legal tender until the end of 2023.
To comply with the supreme court’s order earlier the month of march 2023, the central bank issued a statement late on 13th march, raising the hope of Nigerians, this would ease acute cash shortages in the country that greatly affected the Nigerian economy.
CBN said it was complying with the law and that the old notes would circulate with new ones of equivalent value.
In a country where most people rely on cash for everything from buying food from markets to taxi fares, the shortages of naira bills has riled citizens, some of whom have attacked banks and burned cash-dispensing machines “ATM” (automated teller machines).