NAIRA SCARCITY: N20TRN LOST TO REDUCTION IN ECONOMIC, TRADING ACTIVITIES, SAYS CPPE

The Centre for the Promotion of Private Enterprise (CPPE) says the Nigerian economy has lost an estimated N20 trillion to the current naira scarcity.

The hief executive officer (CEO) of CPPE, Mada Yusuf spoke on the impact of the naira redesign policy in a statement on Sunday.

Two weeks ago, the supreme court had invalidated the naira redesign policy introduced by the Central Bank of Nigeria (CBN), over a defective timing and implementation.

A seven-member panel of the apex court held that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.

Some banks have started dispensing old notes to customers (over the counter and automated teller machines) following the court order.

However, some Nigerians are rejecting the old notes for transactions as they await an official announcement from the federal government and CBN to determine the next course of action.

There are reports that banks are also refusing to accept deposits of old notes despite the court order.