For three months, Nigerians have grappled with a hard cash shortage and increased reliance on mobile banking transactions, both consequences of the Central Bank of Nigeria (CBN)’s naira redesign policy.

The CBN, in furtherance of its cashless policy, introduced redesigned N200, N500, and N1,000 banknotes to replace the older currency notes, and instituted a one-month period to mop up the old notes from circulation.

With an insufficient amount of new notes, the CBN sought to mop out about N2.7 trillion of the N3.23 trillion naira that was in circulation outside the banking system.

READ ALSO: FULL TEXT: Buhari Orders Use of Old N200 Notes Until April 10

On February 16, 2023, President Muhammadu Buhari revealed that about N2.1 trillion of the circulating cash had been retrieved into the banking system.

Here are the notable moments of the debacle.

October 26, 2022: The CBN made known its decision to redesign the old N200, N500 and N1,000 banknotes.

Godwin Emefiele, the apex bank’s governor, announced that the CBN had received approval from the president, and that the redesigned notes would be in circulation from December 15.

Additionally, he said that the old notes would cease to be legal tender on January 31, 2023.

READ ALSO: 14 Times Nigeria Redesigned Banknotes in the Past

October 28, 2022: Zainab Ahmad, the Minister of Finance, Budget and National Planning, at the 2023 budget defense session with the Senate Committee on Finance, dissociated herself from the CBN’s redesign policy.

The minister told the Senate that her ministry was not consulted on the policy. She warned that the policy would have negative consequences.

November 23, 2022: President Mohammed Buhari unveiled the new N200, N500 and N1,000 banknotes at the Federal Executive Council (FEC) meeting in Abuja.

Not much different from the old notes, the redesigned currencies spotted new colours and more sophisticated security features.

December 6, 2022: The CBN revised cash withdrawal limits, allowing individuals a maximum of N20,000 from point of sale (POS) terminals and automated teller machines (ATMs), and a weekly limit of N100,000, effective January 9.

According to the CBN’s new policy, ATMs would also only dispense N200 and lesser denominations.

Furthermore, the apex bank capped weekly withdrawals for corporate organisations at N500,000.

December 21, 2022: Following protests against the revised cash withdrawal policy, the apex bank increased withdrawal limits from its previous weekly N100,000 for individuals and N500,000 for corporations to N500,000 weekly for individuals and N5,000,000 for corporations.

January 21, 2023: The CBN launched a cash swap programme across the country, billed to take effect on January 23. The programme was targeted at rural people, to enable their inclusion in the new naira policy.

According to the apex bank, the old N1000, N500, and N200 notes would be exchanged for the redesigned notes or the existing lower denominations (N100, N50 and N20, etc.) which remained legal tender.

READ ALSO: Ibadan Residents Protest Cash Scarcity Again, Block Roads

People would be eligible for a cash swap of N10,000 per day. The CBN directed that amounts higher than the allowed N10,000 be treated as deposits into bank accounts or wallets of customers, further stating that a valid means of identification would be needed for those.

January 29, 2023: Following widespread agitations and protests, the CBN extended the January 31 deadline for old naira notes to February 10.

According to Emefiele, this was an opportunity for people to exchange their old naira notes for the redesigned notes. He noted that there would be no further extension of the deadline.

February 6, 2023: Kogi, Kaduna and Zamfara states filed a motion ex parte at the Supreme Court, seeking an interim injunction against the CBN’s implementation of the February 10 deadline for the circulation of old notes.

The state governors maintained that the CBN’s cash policy had brought untold hardship on the people, and that the apex bank had given too little time for the transition from old naira notes to new naira notes.

February 8, 2023: In favour of Kogi, Kaduna, and Zamfara states, the Supreme Court gave an interim injunction restraining the CBN from implementing its February 10 deadline for the use of the old N200, N500 and N1,000 banknotes.

The apex court ruled that the old notes continue to be legal tender together with the new notes.

The court adjourned the hearing till February 15.

February 14, 2023: Standing contrary to the Supreme Court’s ruling, Emefiele stated, during a visit to the Ministry of Foreign Affairs, that the old naira notes ceased to be legal tender on February 10.

READ ALSO: BREAKING: CBN Says Old Naira Notes Remain Legal Tender Until Dec 31

February 15, 2023: Cross River, Sokoto, Lagos, Ogun, Katsina, Ondo and Ekiti states joined Kogi, Kaduna, and Zamfara states in the naira redesign suit instituted against the federal government.

On the opposing side, Bayelsa and Edo states joined the federal government against erstwhile states to fight the ex parte motion seeking to extend the deadline for the circulation of the old naira notes.

The Supreme Court, yet again, adjourned the hearing of the naira redesign policy suit.

February 16, 2023: President Buhari ordered the recirculation of old N200 notes for an additional 60 days, until April 10.

The president, in a national broadcast, instructed that the old N200 note be used alongside the new N200, N500, and N1000 banknotes until the April 10 deadline, when it would cease to be accepted as legal tender.

March 3, 2023: The Supreme Court ordered the immediate recirculation of the old naira notes.

Through a seven-member judicial panel, the court ruled that the old N200, N500, and N1,000 notes be used as legal tender till December 31.

March 13, 2023: President Buhari distanced himself from the CBN governor and the Attorney General of the Federation (AGF)’s silence on the Supreme Court’s March 3 ruling.

While not outrightly condemning or heralding their conduct, the president noted that “at no time did he instruct the Attorney General and the CBN Governor to disobey any court orders involving the government and other parties”.

March 13, 2023: The CBN, in compliance with the Supreme Court’s order, announced the continued use of the old N200 N500, and N1,000 banknotes as legal tender alongside the new naira notes until December 31, 2023.

In a circular signed by Isa AbdulMumin, the CBN’s acting director of corporate communications, the apex bank directed all deposit money banks to comply with the Supreme Court ruling, further instructing all concerned parties to “conform accordingly”.