Broadcast: Economists hail Buhari on old N200 notes usage

Some financial experts have commended President Muhammadu Buhari for approving the old N200 notes usage and coexist with the same redesigned denominated banknotes for 60 days. The old N200 banknotes will circulate as legal tender with the new N200, N500 and N1000 banknotes from Feb. 10 to April 10 when the old N200 notes cease to be legal tender. The financial experts gave the commendation in separate interviews with the News Agency of Nigeria (NAN) on Thursday in Lagos. According to them, the circulation of the old N200 notes will help to ease the suffering of the poor masses. Prof. Uche Uwaleke, Professor of Capital Market at the Nasarawa State University, Keffi, said that the central bank should ensure increased supply of lower denominations as well as increase cash withdrawal limit to at least N100, 000. “More Point of Sale (PoS) machines should be procured, especially by petroleum marketers or petrol stations as many of it currently in use are malfunctioning.’’ Prof. Hassan Oaikhenan of the Department of Economics, University of Benin Benin-City, also agreed that it would reduce the difficulties being experienced by Nigerians due to cash swap policy. “It will ease the suffering of the Nigerian people to the extent that they can at least transact business with the old N200 notes alongside the new denominations. “Meanwhile, by implication, the president is saying that N500 and N1000 old notes still remain unusable. The question is how does that tie in with the Supreme Court’s position? That all matters should be put on hold until the issue is determined?’’ he asked. Dr Boniface Chizea, Managing Director of BIC Consulting Services, said the President’s pronouncements were soothing and showed compassion for the masses. “I think it’s a welcome development; the President is compassionate about the poor people and I think we can manage the N200 notes. “This will also accommodate one of the central thrust of this exercise,which is to stop people from buying votes. He urged the apex bank to also accept responsibility