Continuous change in fiscal policy and more issue with centralized currency in Nigeria

It is no longer news to Nigerian citizens when new fiscal policies are made by the federal government in other to make the country's centralized currency the apex of all currencies.

It all dated back to 2021 When the Central Bank of Nigeria's order barring banks from enabling cryptocurrency transactions, the Nigerian naira was exchanging at 381 nairas against the dollar. A year later, the official rate is N416 and averages N560 on the streets of Lagos. Currently, the exchange rate of the dollar to Naira is at N760.

The federal government trued it possible best to introduce digital currency using the naira which was called E-naira. Before the launch of the E-naira, some group of application developers created an app that was uploaded to Play Store that would enable the citizens to purchase the newly introduced digital currency but it was all a frontend to scam people.

Many people fall prey to this.The banning of cryptocurrency at that time drive many people into lack and want because most of their daily transactions and on via crypto. Profit is made and people were living their best life thanks to crypto. The ban made a lot of businesses shut down and it had a long-term effect.

It is prohibited for Nigerian banks to serve customers who deal in crypto assets.
In response to the looming threat of massive fines, banks eagerly complied with the law and shut down the accounts of cryptocurrency exchange businesses and private users. At that time businesses and individuals had their asset freezes by the banks and crypto became an illegal currency. To date, crypto is considered an illegal currency.

With the drop in the country's centralized currency, crypto is the best way to save without losing the value of the money one had. Even with the crypto ban, many people have found a way around the ban to trade in crypto. With the help of p2p transactions, it has become easy to continue businesses that deal with crypto.

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Due to the recently concluded presidential election. On November 23, 2022, the Federal government of Nigeria made a new policy of the Naira redesign. The Naira note was redesigned to crop out vote buying which has become a normal mandate during most elections. With the new design note, the old naira note became an illegal tender for exchange of goods and services.

All old note was to be deposited in the back before January 15, 2023, which was done, and the flow of money in the system collapsed. There were a lot of disadvantages to the advantage of the Naira redesign, many of which I already wrote about in TROUBLE WITH FISCAL POLICY AND NEW FIAT NOTE.

After the presidential election was concluded, the supreme court of Nigeria passed a verdict "All old notes should be returned and should be a legal tender for exchange of goods and services" but with no news or information coming from the central bank of Nigeria, many people have refused to accept the old note which is now very scarce in circulation.

The citizens also made a statement

Until the bank start releasing the old note before anyone will accept the old note.

##The current issue.
All old note that was deposited in the bank have been transported to the central banks in Nigeria and it is believed that no commercial bank possesses the old note. If the bank can't give the citizens the old note because the central banks refuse to release it to them, the citizens will refuse to accept the old note even with the supreme court verdict.

Till date, the central banks' government is yet to say anything concerning the verdict that was made by the supreme court. The new Naira Note is not even in circulation and the country is in a state of financial panic. There is a lesser circulation of money and the loan interest rate has surged up like the inflation rate in the country.

The president nor the central banks of Nigeria's governor (CBN) are yet to say anything and this has left a lot of unanswered questions. With time I'm sure the issue will be resolved.