An economists, Dr Michael Oke, has applauded President Muhammadu Buhari’s directive to the Central Bank of Nigeria (CBN) to release the old N200 notes back into circulation.
Oke, a lecturer at the Ekiti State University told the News Agency of Nigeria (NAN) on Thursday in Akure that the nationwide broadcast by the President was timely and appropriate.
He said that the broadcast clearly showed that the president identifies with the pains of Nigerians.
According to him, the speech re-emphasised the need for Nigerians to embrace the new currency policy because of it enormous economic benefits.
“It is going to be for a short period. In the long run, the policy will be of immense benefits to the nation.
“The president’s directive to the CBN to release the old N200 notes along with the new bank notes will positively affect economic and commercial activities by making more cash available.
“ This will definitely ease much tension across the states,” he stated.
The News Agency of Nigeria reports that the directive on the old N200 notes by President Muhammadu Buhari is for 60 days following the expiration of the Feb. 10 deadline for the N200, N500 and N1000 old denominations to cease to be legal tenders.
Oke urged security agencies to tread softly in handling protests on cash scarcity in some states in the country.
Also, Mrs Oluwafunke Ademola, a POS attendant, said that the re-introduction of the old N200 note would bring much succour to Nigerians.
Ademola appealed to the CBN to ensure that there was appropriate monitoring of cash flow so that it would not be hoarded by influential people at the detriment of the larger populace.
Also speaking with NAN, Mr Victor Amaechi, State President of the National Association of Seadogs (NAS), Ondo/Ekiti Zone, said that the President’s address had been long expected to douse the tension over the monetary policy.
According to him, everybody appreciates what the President has done this morning.
“As at yesterday, people started attacking banks in some places because they could not access their money.
“People are sleeping in the banking halls, and bankers do not release money.
“My business almost crumbled due to non availability of cash. I cannot transfer and there is no cash to spend or buy things.
“And whatever happens in the country, people usually want to hear from the President.
“So, the President has spoken now. The address he made this morning will ease much tension in the land.
“And I strongly believe that between today and tomorrow , the narrative of the nonavailability of cash will become a thing of the past,” he said.
NAN
