President Buhari in a national speech on Wednesday morning, appealed to Nigerians to bear with him the pains of Naira notes scarcity.
In his speech, Buhari ordered the CBN to release the old N200 notes into the economy to concurrently circulate with the new Naira of notes denominations of N200, N500 and N1,000.
The president in his speech, extended the deadline of the old N200 note to remain legal tender from February 10 to April 10, 2023, for the next 60 days.
Buhari’s order to the CBN on old N200 notes is coming against the background box his meeting with governors. It is alleged that at the meeting, governors pressured Buhari and insisted on the release of all old notes denominations of N200, N500 and 1,000.
Kaduna state governor, Nasir El-Rufai, has been the most vocal opponent to the scarcity of new Naira notes.
In his speech Buhari said, “I’m aware of the influence of money in election and politics.” He went further to say that the introduction of new Naira notes has reduced the influence of money in politics.
Before today’s speech, Buhari had met with the Governor of the Central Bank of Nigeria, (CBN), Godwin Emefiele, immediately after the Supreme Court adjourned the suit filed by state governments to challenge the naira redesign policy of the apex bank till February 22.
The President had 11 days ago appealed to Nigerians to give him seven days to resolve the cash crunch, after the Nigeria Governors’ Forum urged him to allow all old notes circulate in the system to ease hardship on ordinary Nigerians.
Buhari’s national speech on Naira redesign and rumours making the rounds that the President may be mulling an extension of the validity of the old naira notes by 60 days has been rubbished.
The decision to release the old N200 notes by Buhari is a masterstroke, especially against the grain of pressure on him by Governor El-Rufai, who is the leading proponent to the scarcity of new Naira notes.