BREAKING: Buhari Reveals Position On Old Naira Notes Deadline Amid Outcry For Extension

BREAKING: Buhari Reveals Position On Old Naira Notes Deadline Amid Outcry For Extension

The Central Bank of Nigeria (CBN) has been given approval by President Muhammadu Buhari to phase out the current 200, 500, and 1000 naira notes by January 31.

The Presidency in a statement said Buhari insisted that the deadline is “aimed at people hoarding illicit funds and not the common man, and that it had become necessary to prevent counterfeits, corruption, and terrorist funding.

“This, he assured, will stabilize and strengthen the economy.”

Buhari’s position contrasts with that of former vice president Atiku Abubakar, All Progressives Congress (APC) presidential candidate Bola Tinubu, and many Nigerians who voiced their displeasure that the new notes are not now in use.

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President Muhammadu Buhari was asked to delay his visit to Kano State by Governor Abdullahi Ganduje for the same reason, as he “deeply concerned” about the hardship it is causing locals.

“There are no banks in most of our rural communities. How would the people get the new Naira notes is of great concern. Just look at what is happening in our urban areas, people go and spend hours upon hours in banks,” Ganduje said.

The Nigerian Senate urged the CBN to extend the deadline to July 31 during Thursday’s plenary, expressing concerns that millions of rural and unbanked Nigerians may suffer if the current deadline stands.

Although Buhari acknowledged the public’s criticisms, the presidency stated that the deadline would not be extended and that there would be no disruption to the economy’s supply chains or other corporate operations.

“While taking note that the poorest section of society is facing hardship as they often keep hard cash at home for various expenses, President Buhari gave strong assurances that the government will not leave them to their own fate.

“He reiterated that a number of initiatives by Central Bank of Nigeria and all commercial banks are underway to speed up distribution of the new notes and do all that is necessary to forestall cash squeeze and chaos.”

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