{"id":81739,"date":"2023-02-04T16:04:02","date_gmt":"2023-02-04T15:04:02","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/new-naira-notes-expert-weighs-options-ahead-buharis-7-day-plan"},"modified":"2023-02-04T17:36:43","modified_gmt":"2023-02-04T16:36:43","slug":"new-naira-notes-expert-weighs-options-ahead-buharis-7-day-plan","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/new-naira-notes-expert-weighs-options-ahead-buharis-7-day-plan","title":{"rendered":"New Naira notes: Expert weighs options ahead Buhari\u2019s 7-day plan"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>On Friday, President Muhammadu Buhari said he would make a \u201cmajor decision\u201d on the scarcity of Naira notes in Nigeria.<\/p>\n

His first decision was to approve the extension of the initial January 31 deadline for swapping of old notes by 10 days.<\/p>\n

Buhari promised Nigerians that the remaining seven days of the 10-day extension will be used to crack down on the encumbrances mitigating the successful implementation of the currency redesign policy.<\/p>\n

\u201cI will revert to the Central Bank of Nigeria (CBN) and the Minting Company.<\/p>\n

\u201cThere will be a decision one way or the other in the remaining seven days of the 10-day extension,\u201d the President said on Friday.<\/p>\n

What could Buhari possibly do? Amara Nwankpa, the Director, Public Policy Initiative at The Yar\u2019Adua Foundation shares useful tips.<\/p>\n

\u201cThey need to make sure there is a lot of Naira supply. There needs to be an over-supply of the Naira. They need to match the demand for physical cash across boards \u2013 ATMs, over-the-counter, etc.<\/p>\n

\u201cIf they can\u2019t match that, then this problem is only going to get worse. And those who are going to be affected are the underserved customers and people on the wrong end of the spectrum. The poorest people and the women,\u201d Nwankpa told DAILY POST.<\/p>\n

\u201cEither they match the demand for the new Naira notes or they push back the old notes and suspend the policy for now, allowing both new and old notes to co-exist,\u201d he added.<\/p>\n

Buhari\u2019s vow came following a meeting with governors of the All Progressives Congress (APC).<\/p>\n

Asked if these could have political undertones, Nwankpa said: \u201cI don\u2019t know. I don\u2019t want to speculate. Even though it coincides with the political season and we know how cash is important in this season, the Central Bank and authorities have stated that this is in pursuit of the cashless policy.<\/p>\n

\u201cIt, however, inhibits politicians from using cash to induce voters and their supporters.<\/p>\n

\u201cSo clearly, even if the purpose is not political, it will have significant political effect.\u201d<\/p>\n

\u201cBut my biggest concern would be how it is affecting the economy at large. And as you are aware, Nigeria has a huge population of unbanked people. A lot of transactions are cash-based.<\/p>\n

\u201cPolicies can either create pressure or shocks to the system. This policy presents itself as a shock to the system currently. So there is a lot of delay. And you find out that bank apps are crashing. Transfers are not going through, or taking longer to complete. This is because the system is being burdened.<\/p>\n

\u201cThis is why there\u2019s a lot of anger. And people are planning to riot and all that. It is because of this shock. The systems are not designed to take this level of shock,\u201d Nwankpa added.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. On Friday, President Muhammadu Buhari said he would make a \u201cmajor decision\u201d on the scarcity of Naira notes in Nigeria. His first decision was to approve the extension of the initial January 31 deadline for swapping of old notes by 10 days. Buhari promised Nigerians that the remaining seven days of the […]<\/p>\n","protected":false},"author":84,"featured_media":81738,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,97,1623,254],"class_list":["post-81739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-buhari","tag-naira","tag-nigeria"],"yoast_head":"\nNew Naira notes: Expert weighs options ahead Buhari\u2019s 7-day plan - Nigeria<\/title>\n<meta name=\"description\" content=\"On Friday, President Muhammadu Buhari said he would make a \u201cmajor decision\u201d on the scarcity of Naira notes in Nigeria. ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/new-naira-notes-expert-weighs-options-ahead-buharis-7-day-plan\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Naira notes: Expert weighs options ahead Buhari\u2019s 7-day plan\" \/>\n<meta property=\"og:description\" content=\"On Friday, President Muhammadu Buhari said he would make a \u201cmajor decision\u201d on the scarcity of Naira notes in Nigeria. ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/new-naira-notes-expert-weighs-options-ahead-buharis-7-day-plan\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-04T15:04:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-04T16:36:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/02\/postQueueImg_1675514049.02.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/new-naira-notes-expert-weighs-options-ahead-buharis-7-day-plan#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/new-naira-notes-expert-weighs-options-ahead-buharis-7-day-plan\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"New Naira notes: Expert weighs options ahead Buhari\u2019s 7-day plan\",\"datePublished\":\"2023-02-04T15:04:02+00:00\",\"dateModified\":\"2023-02-04T16:36:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/new-naira-notes-expert-weighs-options-ahead-buharis-7-day-plan\"},\"wordCount\":486,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/new-naira-notes-expert-weighs-options-ahead-buharis-7-day-plan#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/02\/postQueueImg_1675514049.02.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"Buhari\",\"naira\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/new-naira-notes-expert-weighs-options-ahead-buharis-7-day-plan#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/new-naira-notes-expert-weighs-options-ahead-buharis-7-day-plan\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/new-naira-notes-expert-weighs-options-ahead-buharis-7-day-plan\",\"name\":\"New Naira notes: Expert weighs options ahead Buhari\u2019s 7-day plan - 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