Nigerians are currently in a state of confusion and uncertainty as to whether the Central Bank of Nigeria’s deadline for phasing out old naira notes still stands or has been suspended following the Supreme Court injunction obtained by some northern governors. This is because, on Wednesday, the court ruled that the deadline should be suspended pending the determination of a case brought before it by Kaduna, Kogi, and Zamfara States.
The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, also responded to this suit later on Wednesday, saying that the Supreme Court lacked jurisdiction over the matter. The confusion arises from conflicting statements coming from both sides—while one side insists that there will be no extension beyond today’s date, other sources say otherwise, which leaves Nigerians at a crossroads with regard to what they should do about their old naira notes.
Speaking with our correspondent on Thursday, some residents across Lagos State expressed wariness about the situation, while others said that they had no choice but to continue using the banks.
Mrs. Fatima Oyebisi, who sells building materials at the Boundary Market, said, “I’m not accepting the old note again until there is confirmation of the extension. “I will watch how things go.”
A cosmetic seller, Mr. Emmanuel Eduak, at the trade fair market along the Lagos-Badagry Expressway, lamented that he is tired of the situation and that it is making business slow. Most of his customers have not been coming because of the naira scarcity, and he was hoping it would be over on the 10th of February, but now the situation is indecisive, and the coming week will be difficult for his business.
“I will not collect old notes again; any passenger that wants to pay me with old notes will have to come down from my bus.” Olu, a bus driver in Lagos, told Ratecaptain
Dolapo, a resident in the Gbadaga axis of Lagos, said that she would continue to use the old naira because it is very impossible for it to cease being a legal tender and the new notes are still having difficulty circulating around the country. Nigerians are still keeping a watch dog to what will happen after the deadline.
It would be beneficial for all parties involved to come together and find common ground so citizens can have clarity regarding the situation. The government could issue an official statement clarifying its stance on the matter so people know exactly what to expect without any doubt. Ultimately, whatever decision is taken must ensure minimal disruption in the everyday lives of Nigerians, who rely heavily on cash transactions on a daily basis.
