Buhari Supports CBN In Its Dispute With The Previous Naira Deadline.
The Central Bank of Nigeria (CBN) has been given approval by President Muhammadu Buhari to phase out the existing 200, 500, and 1000 naira notes by January 31.
Buhari stressed that the deadline is “aimed at individuals stockpiling illegal cash and not the average man, and that it had become imperative to avoid counterfeits, corruption, and terrorist financing,” according to the Presidency in a statement.
He promised that this will strengthen and stabilize the economy.
Atiku Abubakar, the All Progressives Congress (APC) candidate, Bola Tinubu, and many Nigerians who expressed dissatisfaction that the new notes are not in use are in opposition to Buhari’s position.
The governor of Kano State, Abdullahi Ganduje, requested that President Muhammadu Buhari postpone his visit because he is “very worried” about the suffering it is inflicting the people of the state.
“The majority of our rural villages lack banks. The distribution of the new Naira notes is a major challenge. Just see what is occurring in our cities, where people frequent banks and spend hours upon hours there, according to Ganduje.
The Nigerian Senate petitioned the CBN to extend the deadline to July 31 at Thursday’s session, expressing concerns that millions of rural and unbanked Nigerians may suffer if the original date stands.
Although Buhari acknowledged the public’s worries, the presidency stated that the deadline would not be extended and that there would be no damage to the economy’s supply chains or other businesses.
“While acknowledging that the most vulnerable members of society are struggling since they often hold cash at home for different expenditures, President Buhari issued unequivocal guarantees that the government will not abandon them to their destiny.
He reaffirmed that several steps are being carried out by the Central Bank of Nigeria and other commercial banks to hasten the issuance of the new notes and take all necessary precautions to prevent a cash crunch and turmoil.