The supreme court on Friday 3rd of March has released an order to over rule the order of the central bank of Nigeria on the use of old naira notes. The central bank of Nigeria has issued an order few weeks ago that the use of old naira notes should be supended inorder for the new notes to circulate faster, but unfortunately the new naira notes are no where to be found and this has resulted to lose.
For the past few weeks lots of business has gone down due to lack of cash both the old and new currency. It was stated clearly that the new naira notes will be available in banks but unfortunately even the banks can't provide us with the notes. The none avability of the hundred naira and old two hundred naira note that was asked to be used has made things very difficult because buying food stuff in the market is very difficult because not everyone in the market is accepting transfer because of lack of network.
Banks are not even helping matters at all because they are all refusing to release the money to the poor people and even if they manage to release money they don't give more than three thousand nair, with the way things are expensive in the market what will three thousand nair buy in the market, how many things will that amount buy, when we food stuffs, transport, fuel and others things are there buy.
Now the supreme court has come out today to announce that the old one thousand and old five hundred naira notes should be accepted till 31st of December. Now my point is why did it take them so long before coming out to make this announcement after lots of people has suffered a lot in their business. Many businesses has shot down because of lack of customers due to the issues of cash.
Many of them are complaining that if they accept transfer from us they won't be able to buy goods from the market because the people they are buying goods from are not accepting transfer and most of all those elderly woman selling things in the villages don't even have an account number not to talk of knowing you to do transfer. As it stands right now am currently owing some people money in the market for the food stuff I bought due to the fact that they are not accepting transfer.
So at this point am happy that the old currency can now be of use and at the same time am very angry because this whole issue has created lot of damages to people's businesses including me because I couldn't get cash or even have access to my account for transfer, so they should have made this announcement a long time ago but "it's better late than never".