Nigeria Unrest: Buhari Extends Use of Old Banknotes
The Facts
Nigeria's Pres. Muhammadu Buhari on Thursday authorized the central bank to extend the deadline for handing in certain old banknotes, amid tensions over cash shortages in the West African country. The deadline had previously been extended to Feb. 10.
In a televised broadcast, Buhari announced that the old 200-naira ($0.43) notes may still be used for 60 days, while the old 500- and 1K-naira notes remain canceled but may be exchanged at the central bank and other designated locations until April 10.
The Spin
Narrative A
The Nigerian people are fed up with this new policy, which is why six states have joined forces in a lawsuit to have the ludicrous policy overturned. If it was smart, especially with elections just around the corner, the APC and its leader, Pres. Muhammadu Buhari could end the policy on their own. Nigeria's economy is collapsing for completely unnecessary reasons.
Narrative B
Counter to the conspiracy theories being spread by the opposition, the current banking crisis is not the fault of Pres. Buhari. The president was duped by CBN leadership into thinking the policy would combat corruption; if he had known it would come to this, the APC and its leader would never have signed off on preventing average Nigerians from withdrawing money. Because neither the president nor the bank has absolute power, the solution is to follow the desires of the people.
