Saboteurs To Be Prosecuted
PRESIDENT Muhammadu Buhari has approved the reintroduction of the old N200 note as legal tender, alongside the new N200 note until April 10, this year.
The President, who gave the approval in a nationwide broadcast yesterday morning in Abuja, said the approval was necessitated by the need to cushion the hardship being experienced by citizens following the implementation of the new monetary policy of the Central Bank of Nigeria (CBN).
He said the approval was also as a result of wide consultations with relevant stakeholders, including representatives of State Governors, Council of State, as well as the pronouncements of the Supreme Court.
“To further ease the supply pressure particularly to our citizens, I have given approval to the CBN that the old N200 bank note be released back into circulation and that should also be allowed to circulate as a legal tender with the new N200, N500 and N1, 000 bank notes for 60 days from February 10, 2023 to April 10, 2023 when the old N200 ceases to be legal tender.
“In line with Section 20, sub-section 3 of the CBN Act 2007, all the existing old N1, 000 and N500 notes remain redeemable at CBN and designated points.”
Buhari listed the advantages of the ongoing financial reforms embarked upon by the apex bank and urged Nigerians to make their deposits of the old notes by taking advantage of the platforms and windows being provided by the CBN, disclosing that he has since directed the CBN to deploy all legitimate resources and legal means to ensure that citizens are adequately educated on the new policy, enjoy easy access to cash withdrawal through availability of appropriate amount of currency and ability to make deposits.
He also directed the CBN to intensify collaboration with anti- corruption agencies in checking the activities of those who were bent on sabotaging the smooth implementation of the new naira redesign policy, assuring that government would continue to assess the implementation of the policy with a view to ensuring that Nigerians are not unnecessarily burdened, while urging the CBN to ensure the availability of the new naira notes across the country.
He called on the apex bank 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, adding: “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.”
The President called for more understanding from Nigerians, reiterating the commitment of his administration to handover a financially stable economy to the incoming administration on May 29, this year.
