A minister and a head of the president are thwarted

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Buhari Changed His Mind When He Reintroduced N500, N1,000 . Bills

New data yesterday showed that a minister and a senior government official revised President Muhammadu Buhari's plan to allow the recirculation of old N200, N500 and N1,000 banknotes until the end of the year. April 10. It also emerged that the state governors would accept this decision. despite the fact that they wanted a minimum period of one year to replace the redesigned bills with new ones.

Buhari Changed His Mind When He Reintroduced N500, N1,000 . Bills
Buhari Changed His Mind When He Reintroduced N500, N1,000 . Bills

The governors have stated in discussions with several government officials that their undercover investigations have confirmed that it could take more than nine months for Nigerian Security Printing and Minting Plc to print a new bill of value. 1 trillion naira.

Findings from The Nation revealed that prior to the broadcast to Nigerians on Thursday, the President received security reports of great frustration with the Naira overhaul policy. Among other intelligences, the president learned that the policy was "harming" the poor. According to a senior source, the President presented three options for consultation before addressing the Nigerian people. The options are:

Complete review of Naira Recast's policy

Recirculating old banknotes N200, N500 and N1,000 from February 10 to April 10

Allow the court to have the final say on the Naira overhaul

Peaceful settlement to save the economy from any shock

“After isolating alternatives to stem chaos, the President conducted a series of consultations with state governors, allies, strategists and thought polls,” the top source said. by the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele.

“The President is deeply concerned that the poor are the most affected by the naira shortage. Based on the assurance he got from Emefiele, he had hoped that the policy would be enforced with slight bias.

“Buhari noted the points raised by those requesting reconsideration. What worries him most are reports that poor Nigerians who are earning money legally are struggling to get new bills and are therefore unable to feed themselves and their families.

"Buhari has essentially decided to allow the reintroduction of three denominations and for the old and new bills to be legal tender until April 10. Several aides to the president are awaiting orders to announce the decision. , but the intervention of a minister and from a presidential official caused the president to change his mind, followed by the president's broadcast on Thursday morning.

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https://www.viztadaily.com/2023/02/buhari-changed-his-mind-when-he.html