7 Important Takeaways From Buhari’s Speech On Naira Policy

The CBN on 26 October 2022, announced the introduction of redesigned N100, N200, N500 and N1,000 banknotes into the financial system and in December 2022, introduced the new naira note design to the public.

However, the governor of the Central Bank of Nigeria issued January 31, 2023, as the deadline for the old notes to stop serving as legal tender. This decision caused extreme hardship to Nigerians as the new notes were scarce and financial transactions became a burden.

This prompted the CBN to extend the deadline to February 10, 2023, but this did little or nothing to reduce the suffering of the Nigerian people as the new naira notes were still not in circulation and with the CBN’s refusal to extend the deadline despite the supreme court of Nigeria ruling that the old naira note remains as legal tenders, it has resulted in civil unrest, protests and violence in the country.

With the current situation in the country and brewing violence, President Muhammadu Buhari gave a speech on Thursday at 7 am. Here are 7 important takeaways from Buhari’s speech on the naira redesign policy.

READ ALSO: Full Text Of Buhari’s Speech On Naira Policy

• President Muhammadu Buhari has directed that the CBN deploy all legitimate resources and legal means to ensure that citizens of Nigeria are educated on the naira policy; enjoy easy access to cash withdrawal through the availability of appropriate amount of currency and ability to make ddeposits
• President Muhammadu Buhari has authorized the CBN to release the old N200 banknotes into circulation and should be allowed to circulate as legal tender alongside the new N200, N500, and N1000 banknotes for 60 days, from February 10, 2023, until April 10, 2023.
• 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
• The president has directed that the CBN intensify collaboration with anti-corruption agencies, to ensure that any institution or person(s) found to have impeded or sabotaged the implementation of new currency policies should be made to bear the full weight of the law.
• Under the directive of the president, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.
• The president noted that about 2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved since the commencement of this program.
• Nigerian citizens should strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.