APA – Lagos (Nigeria)
Nigerian President Muhammadu Buhari says that the Naira redesign is aimed at curbing inflation, corruption and improving transparency in cash flow to all sectors of the Nigerian economy.
In a nationwide broadcast on Thursday, Buhari said: “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 Central Bank of Nigeria (CBN) shall ensure that new notes become more available and accessible to our citizens through the banks.”
He said that he has ordered the Central Bank of Nigeria (CBN) to allow the old 200 naira notes and redesigned 200, 500 and 1000 naira notes to coexist.
The president said only the 200 old naira notes will continue to be legal tender till Monday, April 10, 2023.
“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 Feb. 10, 2023 to April 10 2023,” Buhari said.
“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,” he said.
He, however, sympathises with Nigerians over the difficulties in accessing the new Naira notes.
Buhari had in October 2022 approved the CBN’s request to redesign the Nigerian currency notes and phase out the old naira notes by the end of January 2023. He later gave an extension till Friday, February 10.
But a ruling by the Supreme Court of Nigeria that suspended the deadline given by the apex bank on the old banknote swap has not been obeyed by the CBN and the Federal Government.
GIK/APA
