By Daniel Edu
Ahead of the Central Bank of Nigeria’s (CBN) deadline for the use of old N200, N500, and N1000 banknotes, scheduled for December 31, 2023, reports indicate a resurgence of Naira scarcity in certain states, notably Kano and Borno. The CBN had earlier extended the validity of these old notes, following a Supreme Court ruling, urging citizens to deposit them before January 31, 2023. Despite this extension, concerns about Naira shortages have surfaced.
This scarcity comes amid fluctuations in the black market exchange rate, where the US Dollar to Naira rate stands at N1175 for buying and N1180 for selling as of November 3rd, 2023. Please be aware that these rates are subject to change due to market dynamics, and prices may vary based on location and exchange sources.
As the deadline approaches, citizens and businesses are grappling with challenges related to the availability of Naira, raising concerns about the practical implications of the CBN’s directive in these affected states.
