Despite the February 8, Supreme Court ruling suspending the deadline for the swap of the old Naira bank notes as legal tender, Analysts have noted that compliance with the order has been very low across banks. Consequently, Point of Sales (PoS) agents have continued to profit from the situation through higher than usual charges at a huge cost for traders and artisans whose businesses rely on cash. The ruling which was meant to extend the deadline for the collection of the old notes also implicitly compels deposit money banks to begin to issue the old notes that they had earlier mopped up. This is more so because the new notes seem to be slow in coming from the Central Bank of Nigeria (CBN). Analysts expected the CBN to follow up with a circular directing deposit money banks accordingly to allay public concerns (see table 1 below).
