This development has ignited discussions throughout Nigeria given its divergence from a ruling by the Supreme Court and marks a stride, by the Central Bank of Nigeria (CBN) to streamline the circulation of the nations new currency system.
In a decisive motion passed on Thursday, representatives emphasized that commercial banks should no longer issue the older naira notes, and they urged the CBN to lead a national campaign to ensure that all citizens—urban and rural alike—are aware of this approaching transition.
Why the change? Many believe it’s to bring stability and order to the currency system, while others argue that the move might put strain on communities heavily reliant on cash transactions. A deadline like this one impacts not only daily commerce but the entire economy's access to the currency they need to thrive.
With the clock ticking down, the big question remains: will the CBN rise to the challenge and help Nigeria navigate this transition smoothly? The next steps involve clear communication, ample resources, and transparent measures so that all Nigerians are equipped for what’s ahead. Whether it’s excitement or uncertainty, Nigerians will no doubt feel the impact of this decision as the end of 2024 draws near.
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In a decisive motion passed on Thursday, representatives emphasized that commercial banks should no longer issue the older naira notes, and they urged the CBN to lead a national campaign to ensure that all citizens—urban and rural alike—are aware of this approaching transition.
Why the change? Many believe it’s to bring stability and order to the currency system, while others argue that the move might put strain on communities heavily reliant on cash transactions. A deadline like this one impacts not only daily commerce but the entire economy's access to the currency they need to thrive.
With the clock ticking down, the big question remains: will the CBN rise to the challenge and help Nigeria navigate this transition smoothly? The next steps involve clear communication, ample resources, and transparent measures so that all Nigerians are equipped for what’s ahead. Whether it’s excitement or uncertainty, Nigerians will no doubt feel the impact of this decision as the end of 2024 draws near.
Follow our Facebook page ( VibraVisionary ) for more stories and updates
Tags
Central Bank of Nigeria
Currency Phase-Out
House of Representatives
Naira Notes Deadline
Nigerian currency