Nigeria President Muhammadu Buhari don ask im kontri pipo make dem give am seven days to solve di problem of lack of cash for di kontri.
Dis na as di new policy of di Central Bank of Nigeria (CBN) to mop up of old currency as dem introduce di newly designed naira notes of N1,000, N500 and N200 dey bite hard.
Tok tok pesin for di president, Garba Shehu, release statement afta members of Progressive Govnors Forum visit di President, Buhari say di currency redesign go “boost di economy and provide long-term benefits” to di kontri.
But di transition from di old to new money cause serious cash scarcity. challenge wey Buhari say na sake of di lack of commitment of banks to di success of di policy.
“Some banks dey inefficient and only dey concerned about demselves”, na so di president tok, “even if dem add one year, problems wey dey associated with selfishness and greed no go go away.”
Buhari say e don see television reports about cash shortages and hardship to local businesses and ordinary pipo and give assurances say di balance of seven of di 10-day extension go dey used to crackdown on whatever e be wey dey stand in di way of di successful implementation. Buhari tok during di visit.
PRESIDENT BUHARI ASKS FOR 7 DAYS FOR A MAJOR DECISION ON CURRENCY REDESIGN
— Government of Nigeria (@NigeriaGov) February 3, 2023
Oga Buhari ask Nigerians to give am seven days wey remain out of di ten days extension to di deadline for using di old notes, to take “crackdown on whatever stand in di way of successful implementation.”
E add say im go consult wit CBN and di Minting Company and somehow or di oda dem go find solution to di palava.
According to di president, im approve di policy based on CBN assurance say dem no go print di money for foreign kontri, and dem give am assurance say Nigeria get di “capacity, manpower and equipment to print di currency for local needs.”
Di govnors say dem no get wahala wit di new policy, but bin suggest make di president use im power to allow di old and new money operate togeda till end of di year.
On Tuesday, CBN govnor, Godwin Emefiele tell ad-hoc committee of di Nigeria House of Representatives say commercial banks dey hoard di new notes.
On Wednesday, CBN Lagos Deputy Director Banking Services department, Kayode Makinde say “we come across instances of sabotage on di part of operators.”
But some banks wey BBC tok to say dis cashless policy wey goment just introduce na to dia advantage as dem no go need to pay insurance premiums plus oda costs of handling cash.
Wen be di deadline for old naira notes?
Central Bank of Nigeria tok for statement say dem go stop to dey use di old naira notes on 10 February 2023.
Afta on di 10 February 2023, all di old notes wey dey outside go lose dia legal tender status.
Dat one mean say pesin no go fit use di old N200, N500 and N1,000 naira notes buy or pay for sometin afta 10 February 2023.
Di apex bank say afta di 10 February 2023 deadline, dem go give 7-days grace period.
Dis grace period go begin on 10 February to 17 February 2023 in compliance with section 20(3) of di CBN Act.
Dis na to allow Nigerians deposit dia old notes for CBN afta di February deadline wen di old currency don lost im legal tender status- dis mean say you no go fit use di money buy or do anything.