On Tuesday, people in the Federal Capital Territory, Abuja, and several other regions of the country breathed a sigh of relief at the sight of the old N500 and N1000 notes returning to the market.
The development followed the Central Bank of Nigeria’s decision on Monday to Deposit Money Banks to accept and disburse the old Naira notes in compliance with the Supreme Court’s order.
It can be recalled that the CBN in a move to implement its cashless policy, had redesigned N200, N500 and N1000 notes.
The swapping of the old for the new notes had stimulated controversies, with violent protests across the country over inefficient new notes.
The deadline for the use of the old notes elapsed on February 10, causing unprecedented queues at bank promises as Nigerians struggled for the new notes.
In a swift move to curtail the violence emanating from the naira scarcity, President Muhammadu Buhari had on February 16 ordered the return of old N200 notes, while N500 and N1000 notes remain illegal.
Prior to Buhari’s nationwide broadcast that relatively suppressed the anger exhibited by bank customers, some governors elected under the platform of the All Progressives Congress, APC, had dragged the Federal Government to the Supreme Court in a bid to return the old notes and alleviate the sufferings of the masses.
The governors believed the policy was part of alleged conspiracy against the presidential candidate of the party and currently the president-elect, Bola Tinubu
In its ruling, the Supreme Court on Friday ordered that the old Naira notes must remain in circulation till December 31 this year.
The Apex Court ordered the CBN to allow both the old Naira notes and the new ones to circulate side by side till the end of the year.
The CBN Governor, Godwin Emefiele bowed to pressure on Monday night and okayed the recirculation of the old notes in compliance with order of the apex court.
It was observed on Tuesday that the notes which returned to market, particularly in FCT is gaining acceptance by traders.
In Bwari and Dutse markets, many persons were seen on Tuesday transacting with the old notes.
A survey revealed increasing acceptance of the old notes among Nigerians, while rejection persisted in some segments, especially among transporters.
