In this episode, we look at orderliness in the introduction and implementation of the new currency in Nigeria.
The Central Bank of Nigeria announced in October 2022 that it would issue redesigned naira notes of N200, N500, and N1,000, stating that existing notes would cease to be legal tender on January 31, 2023. It has now been extended to February 10, 2023.
Since the policy was announced, many Nigerians have been depositing their money in banks, but some of the banks and automated teller machines have continued to dispense old naira notes. And in some cases, the banks had no cash for customers leaving them stranded.
In light of the chaotic aftermath of the policy, it makes one question the rationale behind it.
Please listen and share your thoughts.
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