COURT HALTS NIGERIA'S BANKNOTE ROLLOUT

Nigeria's botched attempt to replace its banknotes has been declared invalid by the country's Supreme Court.

In a ruling Friday, the country's highest court said a presidential directive to discontinue the use of old naira notes following a redesign was illegal. The court said the old banknotes should continue to be legal tender, alongside new versions, until the end of this year.

Nigeria's old 200-, 500-, and 1,000-naira ($2.17) notes ceased to be legal tender starting February 11, sparking violent protests across the country as millions of people struggled to get their hands on the redesigned money. That prompted a partial retreat by the government, which agreed to reissue the old 200-naira notes for a limited period of time.

President Muhammadu Buhari unveiled the new-look currency in November last year with the aim of reining in counterfeiting and the hoarding of large sums of money outside the banking system. But banks have been unable to disburse enough of the new naira, leaving many Nigerians lining up at cashpoints in a desperate bid to get enough cash to meet their daily expenses.

 

The cash crunch has led to frayed tempers and hardship, particularly among those who work in the cash-based informal economy and for citizens who live in rural areas.

Violent protests have been recorded in parts of the country. Some people have died during the protests, local media have reported, and bank branches have been damaged.

To read the complete article, see:
Nigeria's chaotic banknote switch ruled invalid by top court (https://www.cnn.com/2023/03/03/business/nigeria-banknotes-supreme-court/index.html)

To read the earlier E-Sylum article, see:
NIGERIANS UNIMPRESSED WITH NEW BANKNOTES (https://www.coinbooks.org/v25/esylum_v25n48a27.html)

To read the complete article, see:
Nigeria's Supreme Court rules CBN naira redesign invalid (https://www.bbc.com/news/world-africa-64837041)

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