Monday, January 13, 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

Trudeau’s Resignation: A Look at His Legacy and Canada’s Future

Canadian Prime Minister Justin Trudeau has announced his intention...

From Engineer to Monarch: The Story of Alaafin Abimbola Owoade

Oyo State witnessed a historic moment as Governor Seyi...

Sanusi Retains Kano Throne as Appeal Court Overrules Lower Court’s Verdict

The Court of Appeal has reinstated Muhammadu Sanusi II...

Regional Trade at Risk: How Mozambique Protests Impact Zimbabwe, Zambia, and Malawi

The ongoing civil unrest in Mozambique is severely affecting...

Mozambique Opposition Leader Returns Amid Post-Election Crisis

After months of political unrest, opposition leader Venancio Mondlane...

From Engineer to Monarch: The Story of Alaafin Abimbola Owoade

Oyo State witnessed a historic moment as Governor Seyi...

Egypt Aims for 42% Renewable Energy by 2030 Amid Energy Crisis

Egypt is ramping up its solar energy investments as...

Saint Jude’s Anglican School Alumni Association Holds Thanksgiving

It was indeed a memorable day for the I968,...

France Hands Over Abeché Base to Chad Ahead of Military Withdrawal

France has officially handed over its military base in...

Dele Alake Demands N9bn Mining Budget Review to Boost Sector Growth

Nigeria’s 2025 budget proposal has drawn sharp criticism from...

Tinubu, UAE Leaders Set to Deepen Economic Ties at ADSW

President Bola Ahmed Tinubu arrived in Abu Dhabi on...

Chad Neutralizes Attackers After Assault on Presidential Compound

Security forces in Chad have thwarted an overnight assault...

Related Articles

Popular Categories