*Says old N200 can circulate till April
By; JACOB ONJEWU DICKSON & AMOS TAUNA, Kaduna
While expressing optimism that the new Naira policy is already achieving positive results, President Muhammadu Buhari has ordered the Central Bank of Nigeria (CBN) to liase with relevant agencies to ensure that those sabotaging the implementation of the policy are dealt with decisively.
Buhari made this known in a nationwide broadcast yesterday, following criticism and protest of the policy that has led to scarcity of Naira notes in the country.
“I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.
“To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.
“I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law,” he said.
He explained that during the extended phase of the deadline for currency swap, he listened to invaluable pieces of advice from well meaning citizens and institutions across the nation.
“I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made.
According to him, to further ease the supply pressures particularly to our citizens, he has given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.
“To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender,” the President told the nation in a nationwide broadcast on the challenges of the currency swap and state of the of the nation.
He added, “In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.
“Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.”
The President added, “Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.”
He assured Nigerians that with their understanding, the present challenges would be overcome the difficult transient phase within the shortest possible time.
According to him, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members and noted that the new monetary policy has also contributed immensely to the minimization of the influence of money in politics.
He said, “This is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections.
“I urge every citizen therefore, to go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count.”
The President admonished Nigerians to eschew violence and avoid actions capable of disrupting the electoral processes and wish all a successful general elections.
He explained that in line with Section 20(3) of the CBN Act 2007, all existing old N1,000 and N500 notes remain redeemable at the CBN and designated points.
“Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.
“Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.
“I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time,” he said.
