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Cash Crunch: Crowd invade CBN office in Lagos

A large number of people have occupied the office of the Central Bank of Nigeria (CBN) in Marina, Lagos State.

The crowd of people were those who want to swap old naira notes in accordance with the order given by President Muhammadu Buhari.

The President on Wednesday, February 15, 2023 revealed that old N500 and N1000 notes were no more legal tender.

Buhari ordered the people to take the new naira notes to the apex bank and the authorised places.

He also directed that the apex bank recirculate the old naira notes until April 10, 2023.

The decision of the president has been strongly criticised by stakeholders especially by some governors of the APC.

The Governor of Kaduna State, Nasir El-Rufai has said the old N500 and N1000 notes are still legal tender in his state until the contrary is pronounced by the Supreme Court.

The officials are finding it difficult to control the large number of people at the state’s CBN office.

At a point, they lamented and ordered the customers to visit their commercial banks to make deposits, but the people ignored the directive.

Details shortly…

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