Amidst the ongoing new naira scarcity and the unavailability of the old notes, President Muhammadu Buhari has brought a relief to Nigerians.
President Buhari in a national address on Thursday, February 16, symapthised with Nigerians over their experiences in the last few weeks due to the naira redesign.
Indeed, the cashless policy of the Central Bank of Nigeria ahs put many in despair, triggering protests in different states. It has been difficult for many to meet the daily petty cash needs.
He stated that the government was aware that the new naira notes were not much in circulation, hence, the decision to extend the expiry date of the old ₦200 by six months.
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The president declared that the ₦500 and ₦1000 has ceased to be a legal tender from February 10, in accordance with the order of the Central Bank of Nigeria.
According to Buhari, the government is not unaware that cases have been instituted against the Federal Government and the CBN in relations to the old naira expiry date at different courts within Nigeria.
Yet, President Buhari assured Nigerians that the old ₦200 note denomination will be released back into circulation to reduce the scarcity of naira currently being experienced by most Nigerians.
