PMB orders old 200-naira notes back, phases out others
By Oghale Mafuru
In the wake of the nationwide crisis occassioned to cash and fuel scarcity, President Muhammadu Buhari has directed the circulation of the N200 old notes alongside the newly redesigned back notes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.
The President who gave this directive in a telecast today monitored by MARKETING EDGE implored Nigerians to sheath their swords and support the cashless policy as it is in the interest of national development. He added that all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.
The President stated that the new monetary policy is aimed at boosting the nation’s economy and tightening the loopholes associated with money laundering and other activities that have stifled the economic growth of the country.
“Let me reassure Nigerians that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priority of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times.
“The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation; The huge volume of Bank Notes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth. 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 stated.
While expressed deep regrets over the sufferings of Nigerians, the President announced that modalities are in place to ensure seamless implementation of the new policy.
He said: “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.
“To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amounts of currency; and ability to make deposits.
According to him, CBN has been directed to make the new naira notes more available and accessible to Nigerians and collaborate with anti-corruption agencies to ensure that persons or institutions that sabotage the implementation of the new policy are prosecuted in accordance with the law.
The President who assured the electorates of the credibility of the 2023 polls stated that all modalities have been put in place to facilitate peaceful transition of government stated that the new monetary policy will reduce the arbitrary control of the electoral process in the coming polls. He urged citizens to exercise their franchise at the 2023 general elections and shun every form of violence that will compromise the process.
Recall that a crisis broke out in major cities in the country as Nigerians took to the streets to protest the naira redesign policy which has resulted in untold hardship due to the inability to access the bank notes amid rejection of the old naira notes by retail outlets, transport workers and others. The Supreme Court had on Wednesday adjourned the suit filed by governors to challenge the naira redesign policy of the Central Bank of Nigeria (CBN) affirming the validity of the use of old 200, 500 and 1000 naira notes till February 22
The apex court maintained that the February 8 hearing which paused the implementation of the February 10 deadline ban on the use of old naira notes still subsists. Despite this position, Nigerians still rejected the old naira notes which led to public outcry and protests.
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