Friday, April 4, 2025

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

WAG Urges Women To Strategise For Greater Representation In Governance

Founder Women Aligned for Growth (WAG), Dr. Ifeyinwa Nwakwesi...

Stark Pages Initiative Launches Literary Students Program to Inspire Young Writers

The Stark Pages Creative and Literary Arts Initiative, a...

Ozoya Football Foundation Kicks Off a New Era with Charitable Initiative in Edo State

The Ozoya Football Foundation is making waves in Nigerian...

After Two Years of War, Sudan’s Military Secures Key Victory in Khartoum

Sudan’s military has recaptured the Republican Palace in the...

29 Internet Fraudsters Jailed in Benin as Nigeria Deepens Cybercrime Crackdown

Justice has caught up with 29 internet fraudsters in...

Fuel Prices Set to Rise in Nigeria as Dangote Refinery Halts Naira Sales

Nigerians could soon face higher fuel prices after the...

Related Articles

Popular Categories