Panic: As naira crisis worsens
...CBN keeps mute THE crisis surrounding the naira redesign worsened on Tuesday as the Central Bank of Nigeria failed to clarify the legal tender status of the old notes. The development created more confusion across the country amid the refusal by banks, filling stations, and traders to accept the old currencies. This happened as a shortage of new notes persisted in states and the Federal Capital Territory. However, the CBN Governor, Godwin Emefiele, on Tuesday ruled out further extension of the deadline stipulated for the phasing out of the old N1,000, N500 and N200 notes. Emefiele made the disclosure during a meeting with members of the diplomatic community in Abuja. He spoke against the backdrop of concerns generated by a Supreme Court order suspending the February 10 deadline pending the determination of a suit by some state governors slated for hearing on February 15 (today). Amid Nigerians’ belief that the old notes would remain legal tender until the determination of the Suprem...