Yemi Osinbajo, the vice president of Nigeria, criticized the federal government’s implementation of its currency reform program and bemoaned the hardship it has brought to the people of the West African nation.
According to a statement from his spokesperson, Laolu Akande, Mr. Osinbajo shared his opinions with participants in the financial technology (FinTech) industry during a meeting in Abuja on Friday.
“Cash is required to pay for transportation. For instance, how would one go about using a Keke NAPEP or taking a “drop or along” in Abuja without cash, or how would one go about purchasing meals on the street or in canteens, or even recharge cards?
Since most trade is informal, you need cash for the majority of items, according to Mr. Osinbajo, parents of children attending public schools regularly give their children money for lunch.
President Muhammadu Buhari gave the go-ahead for the Central Bank of Nigeria to make the new announcement in October. The N200, N500, and N1,000 notes, which are the three largest denominations of the Naira, will all have new designs by January 31. The old notes will no longer be recognized as legal money.
The deadline was pushed back to February 10 due to the limited supply of the new notes. People continue to wait hours in line at banks and ATMs to obtain the new notes because of the ongoing scarcity.