Buhari supports CBN despite calls for a delay on the old naira deadline

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.

Buhari stressed that the deadline is “aimed at individuals stockpiling illicit cash and not the average man, and that it had become imperative to avoid counterfeits, corruption, and terrorist funding,” according to the Presidency in a statement.

“This, he assured, will stabilize and strengthen 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 “deeply concerned” about the suffering it is inflicting the people of the state.

“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 petitioned the CBN to extend the deadline to July 31 at Thursday’s plenary, 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 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.”