President Muhammadu Buhari’s nationwide address on Thursday morning has elicited a lot of reactions from Nigerians.
The Nigerian leader said: “Although the currency redesign policy of the Nigerian government is causing ‘difficulties’ for Nigerians, it is achieving its aim.”
However, in the address to Nigerians on Thursday morning, voiceofnaija.ng identified five salient points the President made.
1. Firstly, the Nigerian leader, in the national broadcast, said he was aware of the setbacks of the policy, including the scarcity of the new naira notes, but it was achieving its set goals.
“Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative,” he said.
Buhari then listed what his government believes are the interim successes of the currency redesign policy.
“I have been reliably informed that since the commencement of this program, about N2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved,” he said.
“I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics.”
2. The President approved the continuous use of the old N200 as legal tender till April 10.
He said: “During the extended phase of the deadline for currency swap, I 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.
“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.”
3. The President stated that the old N500 and N1,000 banknotes are no longer legal tender in the country.
He, however, said that the old N200 note will be legal tender for the next 60 days, till April 10, 2022.
4. Buhari urged the Central Bank of Nigeria to ensure the availability and accessibility of new naira notes to citizens through the banks.
In his words: “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.”
5. The President also urge every citizen to go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count.
He admonished the citizens to eschew violence and avoid actions capable of disrupting the electoral processes. I wish us all a successful General Elections.
He said: “Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics.
“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.”