It’s Not Nothing to Naira About!!
Did you hear the news? The Central Bank of Nigeria (CBN) is backpedaling when it comes to demonetizing the Naira banknote! While the President expressed her disapproval, the CBN has made it quite clear that the Naira is still 100% legal—and there’s something we should all be nairaing about!
What Was the President’s Response?
Just last week, President Buhari expressed her doubts about the CBN’s decision immediately after the announcement. In her public statement, she raised questions about the selection of certain deserving segments of society, as well as the practicality of the way the policy was being implemented. She simply highlighted the disadvantage it would cause to small businesses and everyday Nigerians—thus questioning the decision that had already been enacted.
What Happened Next?
The CBN was left with some serious contemplation. After the Presidential rebuke, they took a step back, realizing that their decision might have caused more harm than good. As a result, the CBN re-affirmed that all Nigerian Naira banknotes remain legal tender, despite recently enacted policy. Nigerian citizens can now take a sigh of relief, as the demonetization of the Naira has effectively come to a stand still!
Why is This Important?
The CBN’s turnaround is a good sign that the government is listening to the voice of the people. Rather than implementing a decision without taking into consideration the impact it would have on everyday Nigerians, the CBN has shown that their priority is to protect the people’s best interests, even after making a statement.
Time to Celebrate!
We should all be celebrating this decision! Now that the CBN has confirmed that the Naira will remain legal tender, it’s time to spread the word and let everyone know that all is well with Nigerian currency. So, grab your Naira banknotes, grab some friends, and celebrate the good news!
In Summary…
- The CBN decided to demonetize certain Naira banknotes.
- President Buhari immediately expressed her disapproval.
- The CBN reversed their decision and re-affirmed that all Nigerian Naira banknotes remain legal tender.
- We should all celebrate the CBN’s reversal and spread the good news.
The CBN’s recent decision to repeal the demonetization of the Naira is a testament to their commitment to the people. It’s time to naira about it, friends!
