Nigeria’s President Muhammadu Buhari has promised to solve the country’s cash crisis that has caused chaos as people try to get hold of the new naira notes.
After February 10, the old notes will become worthless but can be exchanged for another seven days at the country’s central bank.
“I understand the cash crunch and difficulties people and businesses are facing, due to the redesign of the Naira,” President Buhari tweeted.
“I want to assure you that we are doing everything to resolve this problem. Nigerians should expect significant improvements between now and the February 10 deadline,” he continued.
One video shows people fighting at an ATM to get money. Another showed a man stripping down to his underwear while waiting at a bank, as reported on Thursday.
The deadline for exchanging money was supposed to be January 31, but it was extended by 10 days to give more people in rural areas time to get the new notes, the central bank governor said.
When the bank announced in October that the 1,000 ($2.18; £1.75), 500 and 200 naira notes would be replaced, it said 80% of the notes in circulation were outside the bank.
The central bank believes that with a redesigned currency it will have a better understanding of the money circulating in the economy in order to better manage inflation.
Source: BBC
| Disclaimer: The opinions expressed here are those of the authors and do not reflect Peacefmonline.com. Peacefmonline.com accepts no legal or other responsibility for the accuracy of the content. Please report inappropriate content to us, and we will evaluate it as a priority. |
Featured Videos