The Scarcity of the New Naira Notes; how realistic is January 31st deadline?


By January 31st, 2023, the Central Bank of Nigeria (CBN) has said that the old naira notes would expire; no extended deadline 

What the above means is that if by the end of January 31st, 2023 you still have the old naira notes, you would turn them into viewing notes like you would view an artifact and not spending notes.

Away from the expiry date, it seems like the CBN doesn’t have an idea of the slow-moving nature of the new naira notes. The circulation speed is so poor. How many states have received it from all 36 states? I am sure not all. Even banks to date are still uploading the old naira notes (Can you just imagine?), so how possible is the full circulation in the next 14 days? 

Honestly, if there is no increase in speed in the circulation of these new naira notes, Nigeria would have no choice but to face naira scarcity and people stranded just like the typical fuel scarcity.

Image source: Premium Times Ng

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