A student of Kwara State University (KWASU), Malete, Kwara State, Ayanfe Adekunle of the Department of Environmental Management and Grace Irede of the Faculty of Science Federal University Oye Ekiti, (FUOYE) Ekiti State, has decried the current Naira-swap initiated by the APC-led Federal Government, expressing that students have begun to groan under the hardship the policy has brought.
According to Grace, no student or member of her university is able to access money from the ATM on campus; hence they are confused.
She expressed in an emotion-laden tone that suffering is creeping on many of them as they have resorted to trekking from their houses to the campus to receive lectures.
Ayanfe said students in KWASU don’t have access to funds now, saying the condition is terribly bad.
But speaking further, she heaved a sigh of relief having learnt that the National University Commission (NUC) had directed that all universities should go on holiday by February 22 and return on March 14.
The Central Bank of Nigeria (CBN) initiated a cash-swap programme across 774 local government areas of the country as part of the implementation of the Naira redesign policy. The notes affected are N200, N500, and N1000.
The initiative for Naira-swap commenced on January 23, 2023, to exchange the new notes with old notes.
Meanwhile, the Supreme Court ruled on February 8, suspending the CBN’s February 10 deadline to stop the use of old currency.
But, just yesterday in yet another ruling, the Supreme Court adjourned the case to February 22.
Interestingly President Muhammadu Buhari in a live broadcast to the nation today (Thursday 16th February) ordered the Central Bank to release the old N200 notes which will be in circulation till April 10 sparing sixty days duration starting from February 10.
However, he said, the old N500 and N1000 notes have ceased to be legal tender, and whoever has the denomination should deposit them at the Central Bank.