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Lagos. – Nigeria’s President Muhammadu Buhari yesterday defended a currency swop that sparked protests and cash shortages but ordered old, small denomination 200 naira notes to remain in circulation in a bid to ease scarcities.
Nigeria has been struggling with a shortage in physical cash since the Central Bank of Nigeria (CBN) began to swop old bills of the local naira currency for new, redesigned ones, leading to a shortfall in banknotes.
The scarcity of cash has triggered violent protests in major cities as angry and frustrated bank customers attacked and vandalised banks and blocked roads.
The weeks-long cash crisis has intensified days before Nigerians go to the ballot box on February 25 to elect a successor to Buhari who steps down after two terms in office.
In a national broadcast yesterday, Buhari described the naira policy as a “positive departure from the past” and said it represented a “bold legacy step” towards free and fair elections by helping to curb vote buying.
The president said he was moved by the hardships and pain people faced over the cash crunch.
“To further ease the supply pressures, particularly to our citizens, I have given approval to the CBN that the old 200 bank notes be released back into circulation,” he said.
The policy has introduced redesigned 200, 500 and 1,000 naira notes.
The old 200 naira bills will circulate as legal tender for 60 days until April 10 along with the new notes. Buhari said old 500 and 1 000 bills should be deposited with the central bank. – AFP
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