Naira Scarcity: Why I’m extending validity of old ₦200 for 60 days, Buhari says after spread of violent demonstrations across Nigeria
As Nigerians continue to face worrying hard times over the implementation of the redesigned Naira notes by the Central Bank of Nigeria, President Muhammadu Buhari in a national broadcast on Thursday, February 16, 2023, directed that the old ₦200 notes should be reinstated to the System and will continue to be a legal tender for 60 days.
“I have given approval to the CBN that the old 200 banknotes be released back into circulation and that it should also be allowed to circulate as a legal tender with the new ₦200, ₦500, and ₦1000 banknotes for 60 days, from February 10, 2023, to April 10, 2023, when the old 200 notes cease to be legal tender,” he said.
His announcement for the extension of the validity of the N200 notes is coming less than 24 hours after violent demonstrations spread across four states Oyo, Edo, Delta and Ondo state, on Wednesday, February 15, 2023, by outraged Nigerians who attacked bank facilities and block major roads to register their displeasure over the CBN’s insistence of sticking to the February 10 deadline set for the validity of the old notes.
For nearly a month, Nigerians have had limited access to the redesigned currencies. There have been protests across the country as people vent their frustrations over the Naira scarcity.
In Warri, Delta State, angry mobs set two banks and two vehicles ablaze. A resident in the State told Nesuroom that for two weeks bank ATMs have not been dispensing cash. Delta State’s Police Public Relation Officer in a statement said that nine suspects have been arrested in connection with the unrest.
Following reports of the unrest, Lagos State Governor, Babajide Sanwo-Olu, announced on Wednesday evening that the state had joined the suit against the Federal Government seeking for the old notes to exist concurrently with the new notes. Sanwo-Olu, while appealing to Lagos residents not to take to the streets, had threatened that anybody who rejects the old notes will be prosecuted.
With the coming election set for February 25, 2023, for the Presidential election, Buhari said redesigning the Naira notes has limited the use of money in Nigerian politics. However, some pundits have predicted that people might be susceptible to selling their votes to temporarily cushion the effect of their financial hard times caused by the unavailability of cash. Also, there is a widespread feeling that the old ₦200 notes will not be fully circulated back into the system at a short interval before the election to enable people to travel to their respective polling units to cast their votes.
