President Muhammadu Buhari has admitted that part of the reasons why he approved the redesign of the N200, N500 and N1000 was to tackle the issue of circulation of money during the political season.
Raye24reporters reports that the president, in a nationwide broadcast on Thursday, admitted to the long speculations of politicians that the naira redesign was partly targeted at the political space.
According to Buhari, he is aware the new naira policy has tackled largely how money influences politics in the country and he is glad it’s a positive departure from the past.
The president also urged Nigerians to vote for their preferred candidate during the February 25 elections, which is days away.
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.”
Earlier Raye24reporters reported that the president in the same broadcast noted that in line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the Central Bank of Nigeria (CBN) and designated points.
The Nigerian leader, however, directed the apex bank to release old N200 notes into circulation as legal tender for the next 60 days.
The President also apologized to Nigerians for the difficulty experienced in the implementation of the naira redesign policy.
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 pressure, particularly on our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and it should also be allowed to circulate as legal tender with the new N200, N500 and N1,000 banknotes for 60 days from February 10, 2023, to April 10, 2023, when the old N200 note ceases to be legal tender.
“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.”
