President Muhammadu Buhari has asked Nigerians to continue to endure the gripping hardship that continues to trail his insistence on implementing the Central Bank of Nigeria (CBN)’s cash swap policy in flagrant violation of a Supreme Court order.
Mr Buhari’s regime has continued to rail against popular demand, sticking with the new currency redesign policy it announced last October and which came into full effect on February 10. The cash policy is threatening the foundations of the nation’s political economy.
The outgoing president, however, ignored a Supreme Court ruling that ordered that the status quo regarding the phasing out of old naira notes be maintained.
The apex court’s decision came after some states; Kaduna, Kogi and Zamfara dragged the federal government before it, challenging the decision to render old N200, N500 and N1000 notes illegal tender. Mr Buhari bent backwards to allow the reissue of only the old N200 note. His decision further inflamed many frustrated Nigerians.
Disturbing episodes of violent public demonstrations, attacks on bank facilities and other riotous protests have been reported nationwide, especially in the South, where economic activities and livelihoods of citizens have been crippled by the cash squeeze.
“I am fully aware of the current hardship being faced as a result of some policies meant to bring overall improvement to the country,” Mr Buhari wrote on his verified Twitter handle Sunday afternoon.
“I’m appealing to you to exercise further patience as we take measures to ease these hardships. God willing, there is light at the end of the tunnel,” the president added.
