The Nigerian President has addressed the nation on the state of the country’s economy, the fight against corruption, and the fight against terrorism and insecurity. He assured Nigerians that his administration is committed to strengthening the economy, enhancing security, and blocking leakages associated with illicit financial flows.
The President authorized the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes. He explained that the move was necessary to restore the statutory ability of the CBN to keep firm control over money in circulation.
The President acknowledged that there have been obstacles to the policy’s implementation but directed the CBN to ensure that citizens have easy access to cash withdrawals and the ability to make deposits.
He stated that only the old 200 naira notes will continue to be legal tender until Monday, April 10, and that all existing old N1,000 and N500 notes remain redeemable at the CBN and designated points. The CBN had previously declared the old 200, 500, and 1,000 naira notes as no longer legal tender, but the president’s directive came after violent protests and a Supreme Court ruling that suspended the deadline for the old notes’ phase-out.
Buhari insisted that the redesign of the naira notes aimed to curb inflation and corruption and improve transparency in cash flow to all sectors of the Nigerian economy. The extension until April 10 is expected to ease the pressure on Nigerians facing difficulties in accessing new naira notes.