Buhari orders Nigeria's central bank to release old 200 Naira notes
People gather at a bank in Ibafo, Ogun State in southwest Nigeria to withdraw new banknotes on February 5, 2023. Nigeria's President Muhammadu Buhari on Thursday ordered old small denomination 200 Naira notes to remain in circulation to ease scarcities. PHOTO | PIUS UTOMI EKPEI | AFP
Nigeria's President Muhammadu Buhari on Thursday defended a currency swap that sparked protests and cash shortages but ordered old small denomination 200 Naira notes to remain in circulation to ease scarcities.
Nigeria has been struggling with a physical cash shortage since the Central Bank of Nigeria (CBN) began to swap old bills of the local Naira currency for new and re-designed ones, leading to a shortfall in banknotes.
