LAGOS (AFP)- Nigeria president Muhammadu Buhari defended a currency change that provoked demonstrations and a shortage of cash on Thursday, but he also directed that old, small denomination 200 naira notes stay in circulation to help with the shortage.
When the Central Bank of Nigeria (CBN) started replacing old naira currency bills with new ones that were redesigned, there has been a shortage of real currency in Nigeria.
As cash was scarce, angry and dissatisfied bank clients attacked and vandalised banks and blocked roadways, sparking violent protests in major cities.
Days before Nigerians go to the polls on February 25 to choose a replacement for Buhari, who is stepping down after serving two terms in government, the country’s ongoing cash problem got worse.
Buhari called the currency policy a “good departure from the past” and a “bold legacy move” towards free and fair elections by assisting in reducing vote buying in an early Thursday national broadcast.
The president claimed he was inspired by the struggles and suffering brought on by the financial crisis.
“To further ease the supply pressures, particularly to our citizens, I have given approval to the CBN that the old 200 bank notes be released back into circulation,” said Buhari.
As a result of the policy, new 200, 500, and 1,000 naira notes were introduced.
Together with the new notes, the old 200-naira banknotes will be accepted as legal money for 60 days, or until 10 April.
Old 500 and 1,000 bills should be deposited with the central bank, according to Buhari.
