On Wednesday, February 8, the deadline of February 10 for depositing old naira notes of 200, 500 and 1000 denominations which was earlier set by the Central Bank of Nigeria was suspended by the Supreme Court of Nigeria.
Recall that the Central Bank extended the initial deadline of January 31 to February 10 due to the lack of accessibility of the new new notes.
Likewise, the need for the apex bank to reconsider the time frame which is not feasible based on the issues ranging from lack of circulation of the new notes, inability of banks to make the new notes available and lack of feasibility of the time frame.
Following the suspension, students of the University of Lagos have reacted to the new development, with most critiquing the lack of proper preparation of the financial institution resulting in civil unrest across the country.
Citing the various footage of long ATM and bank queues circulating on social media, Olu, a 300-level student said the suspension is long overdue.
“I feel the suspension is much needed considering the scarcity of old and new naira notes and what it is making people do desperately.
“Also, the cash scarcity has prevented many students living off campus from attending lectures,” Olu added.
Chidinma, another 300-level student, said the economic downturn which the scarcity is causing is unnecessary and can be avoided.
As a user of Zenith Bank, she feels unmotivated to attend lectures despite living on campus. “Now Zenith Bank has ceased operation, I don’t even know how to feed, I am really tired.”
The action from the Supreme Court, according to The Guardian, is an interim injunction restraining the Federal Government from suspending the acceptance of the old Naira notes on the February 10, 2023, deadline. The case has been adjourned to Wednesday, February 15, 2023.