Why the Supreme Court verdict will not end naira crisis

[Caleb]

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Nigerians jubilate yesterday over the Supreme Court decided to extend the old naira not legality to 31st of December 2023. While this ruling will help ease the issue of naira scarcity and reduce some of the conditions stacked by organizations and entities responsible for dispensing money which includes rediculous charges for POS transactions amid other illegal measures the banks have taken which hit the masses so hard of the period of naira scarcity, do not expect the Supreme Court ruling to end all that, at least not for now.

Earlier, the CBN in collaboration with the Buhari led federal government has demanded that all old naira notes should be deposited in various banks across the country, in turn the banks were asked to deposit those old notes they have realized from the masses to the Central Bank where it will be disposed. This means that many citizens do not have any old notes as it stands, only few especially those in rural areas still retained their old notes due to their inability to send them to banks. Banks still complain that this old notes are still not in their disposals, so they have to wait for the CBN to circulate the old not before the banks can start paying. 

As we have seem, CBN will never be in a hurry to circulate the old notes following the Supreme Court verdict - they never agreed with them. Just expect some to pass before the naira crisis will come to it's climax, but don't expect a short period of time. As you know, this is Nigeria, a country that love following difficult processes.