Emefiele accuses Nigerian leaders of buying and hoarding new naira notes

In October 2022, the CBN announced its plan to redesign the N200, N500, and N1000 notes to address insecurity and vote-buying ahead of the 2023 general elections.

But since the CBN announced January 31, 2023, as the deadline for the redesigned notes to cease as legal tender, Nigerians have been struggling to get the new notes.

Due to the scarcity of the redesigned notes and its attendant crisis, the CBN shifted the deadline for the expiration of the old notes to Friday, February 10, 2023, to allow Nigerians to take their old note to banks in exchange for the new ones.

Sadly, the situation worsened as commercial banks were accused of hoarding the new notes while currency racketeers and POS operators sell the new notes in black markets.

Speaking on the matter on Tuesday, February 14, 2023, Emefiele attributed the scarcity of the new notes to hoarding.

The CBN governor said some Nigerian leaders have bought the available new notes and stored them.

“Some of our leaders are buying the new notes and storing them for whatever purpose and I will not expand further on that,” he said.

The cash swap policy has currently thrown Nigerians into a serious state of confusion as traders, fuel stations and banks reject the old naira notes while the new notes remain scarce. 

Recall that after some governor dragged the CBN to court over the controversial cash swap policy, the Supreme Court issued an interim injunction asking the CBN to suspend the February 10 deadline for the old notes.

As Nigerians awaited the court’s pronouncement on the policy on Wednesday, February, February 15, 2023, the apex court adjourned the hearing of the suit to Wednesday, February 22, 2023.

However, the court stated that its earlier judgement on the matter subsisted, which means Nigerians can continue spending the old notes till next week.