It's a delighting moment for most Nigerians after the central bank of Nigeria, the CBN agreed with the court ruling that the old naira note should be allowed to be legal tender from now until December 31st of this year. This comes after many have been left in ruin and debt following the initial law that made the old one invalid.
It'll be recure that few months ago. The president alongside the governor of the CBN declared the old note invalid and only approved the usage of the new redesigned note, which literally places everyone in debt and loses money, including me because I still have about ₦2500 of the old and was unable to spend it before the deadline as many traders refused to collect it then.
The design has led to many losses: most traders can't sell their goods and buyers can't buy either because the new note wasn't in circulation, and using transfer with bank apps now takes an eternity before you'll get an alert for a good you already paid for. https://twitter.com/cenbank/status/1635393411950735360?t=enLc9bUI69MK4HlpIy99BA&s=19
I know with this new law, it might still take some time before the elderly ones who don't have access to the internet believe it, and even those who do won't want to rush into collecting it as of yet, but I hope with time everything will go back to normal.
And hopefully before the new deadline, the new, redesigned note would have been in circulation enough for everyone to get hold of it by then.
https://files.peakd.com/file/peakd-hive/vickoly/23t76oRc3zjSnyfgC6F2V79yxUuq7CDvbvCH72sfweFTqZLzbJH6hBHqwKC3TkJ7GPGAs.png
NOTE: I make use of Quillbot grammar checker features to help correct some of my grammatical and punctuation errors after writing my content by myself.
Thanks for your time, have a blessed and productive day ahead.
Return from The old Nigeria note is now legal tender once again to vickoly's Web3 Blog
