Nigerian President Muhammadu Buhari Breaks Silence On Currency Crisis

Nigerian President Muhammadu Buhari has broken his silence on the currency crisis that has been affecting the country in the past weeks.

The Supreme Court already ordered that old N500 and N1,000 notes should be accepted by merchants until the end of this year, but there are still several market operators who refuse to take them, leaving citizens in a cash crunch.

Garba Shehu, senior special assistant on media and publicity, spoke on behalf of the president Monday, noting that the president did not order the Central Bank of Nigeria (CBN) to refuse the old notes despite the court's order.

"It is therefore wide off the mark to blame the president for the current controversy over the cash scarcity, despite the Supreme Court judgment. The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the president," Shehu said, as per The Guardian.

Shehu acknowledged the "ongoing intense debate" in the country, where market operators are refusing to accept old notes despite court orders, and clarified that "President Buhari has not done anything knowingly and deliberately to interfere with or obstruct the administration of justice."

The spokesperson further added that the president is not a micromanager and won't be one in the future, therefore he won't stop the attorney general and the CBN governor from performing their duties in accordance with the law.

"In any case. It is debatable at this time if there is proof of willful denial by the two of them on the orders of the apex court," Shehu added. "The directive of the president, following the meeting of the Council of State is that the bank must make available for circulation all the money that is needed and nothing has happened to change the position."

Shehu went on to share that the president respects the judicial process and the authority of the courts, pointing out that Buhari has done nothing in the last eight years or so to become an obstacle to the administration of justice or interfere with or corrupt the courts.

"There is no reason whatsoever that he should do so now when he is getting ready to leave office," the spokesperson added.

He continued, "The negative campaign and personalized attacks against the President by the opposition and all manner of commentators is unfair and unjust, as no court order at any level has been issued or directed at him."

Shehu then explained that the CBN's cashless system will be helpful for the country's citizens who are currently suffering. He also expressed appreciation for citizens for supporting the policy to help the government fight corruption and terrorism.

Nigeria is going through an economic crisis following the new currency redesign policy that mopped up over 70% of cash in the country.

Under the currency redesign policy, only three out of eight denominations were redesigned: N200, N500 and N1,000. Other banknotes including N10, N20, N50 and N100 were not included. The new notes were then launched on Nov. 23, 2022.

CBN reportedly said that the old notes would only be circulated in the market until Jan. 31, but the Supreme Court ordered that they could be used until the end of this year, as not enough notes have been released in the market.