Sunday, November 24, 2024

Naira Scarcity: President Buhari extends use of old notes.

In a bid to calm tensions over a lack of cash in Nigeria, President Muhammadu Buhari has announced that the old 200 naira ($0.43; £0.36) notes will remain legal tender for another 60 days.

In recent days there have been violent protests as people struggled to get hold of newly designed banknotes.

The deadline to hand in old cash was supposed to have been last Friday.

But not enough new notes have been released, leaving many without cash to pay for vital items.

While Nigerians now have until 10 April to use the old 200 naira notes, Mr Buhari said that the old 500 and 1,000 naira notes could only be exchanged at the central bank and other designated places.

READ MORE: Protesters storm CBN in Ondo to exchange old notes

Nigerians have faced long queues at cash machines, with some sleeping outside banks to try and be first in line to get some money.

People say they have been forced to skip meals and have been unable to pay for basic services like bus or taxi fares in a country where cash is still widely used. An estimated 40% of the population do not have access to bank accounts.

With elections due on 25 February, President Muhammadu Buhari has been facing calls to take action to avoid losing votes for the ruling All Progressives Congress.

Hot this week

Emotion or Reason: Which is the Precursor of Human Actions?

Kingsley Enwelim Nwanze The age-old debate between emotion and reason...

Experts Raise Alarm Over Health Risks of GMOs in Nigeria

Experts have raised significant concerns about the health risks...

One in Four Nigerians Dreams of Leaving Their Communities – NBS Report

Nearly a quarter of Nigerians aged 15 and above...

African Union Secures Key Wins at Brazil-Led G20 Summit

The African Union (AU) celebrated significant progress at the...

3,759 Weekly Cyber-Attacks Highlight Urgent Need for Nigeria’s Cyber Defense

Nigerian organisations are grappling with a cyber-attack crisis, facing...

One in Four Nigerians Dreams of Leaving Their Communities – NBS Report

Nearly a quarter of Nigerians aged 15 and above...

Food Insecurity in Nigeria Leaves Families Borrowing to Eat – NBS Report

Nearly one in five Nigerian households, or 20.8%, have...

Africa Instability Report: Economic Challenges Push Nigeria into ‘Vulnerable’ Category

Nigeria's stability has deteriorated sharply, with the nation now...

The Physiology of Transformative Leadership and Its Impact on a Failing Nation

Kingsley Enwelim Nwanze In an era marked by rapid change...

Sanwo-Olu’s N3tn ‘Budget of Sustainability’ Targets Infrastructure, Education, and Social Inclusion

Lagos State Governor Babajide Sanwo-Olu has presented an unprecedented...

African Union Secures Key Wins at Brazil-Led G20 Summit

The African Union (AU) celebrated significant progress at the...

3,759 Weekly Cyber-Attacks Highlight Urgent Need for Nigeria’s Cyber Defense

Nigerian organisations are grappling with a cyber-attack crisis, facing...
spot_img

Related Articles

Popular Categories