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Friday, October 4, 2024
Independent AfricaNew Naira notes scarcity: Buhari extends validity of old banknotes

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New Naira notes scarcity: Buhari extends validity of old banknotes

President Muhammadu Buhari of Nigeria has ordered the central bank to reintroduce the old 200 naira banknotes into circulation and allow them to coexist with the new ones until April 10th.

At that point, the old 200-naira banknotes will no longer be usable.

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Nigerians have experienced lengthy lines at the cash registers, and some have even camped out in front of banks in an effort to get money first.

In towns and cities, there have been irate demonstrations as people struggle to get help.

Nigeria last year started circulating newly designed 200, 500 and 1,000 naira notes.

The deadline to hand in old notes had been extended once, to February 10, after which the notes would become invalid. The deadline was, however, suspended by the Supreme Court last week.

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