Buhari speech

President Muhammadu Buhari has directed the Central Bank of Nigeria, CBN, to intensify collaboration with anti-corruption agencies to check the activities ...

This policy is one policy that goes to reduce the problem of corruption and illicit financial flaws. 30-40 days to elections you come out with a policy that is not widely accepted by Nigerians and whether we like it or not, that will be seen as the programme of the government. So these three issues, which are the tripod of this administration’s policy, are all embedded in this policy. He said: “The truth is that we are all servants, we are serving Nigerians. “What excites us is that when we met Mr President, he was already on the ground with those agencies that have something to do with this issue of naira redesign and naira swap. Godwin Emefiele, also yesterday met with chief executives of banks, asking them to make available the old N200 notes to their customers as directed by President Buhari. “This is contained in Mr President’s speech and not what the CBN governor said that the old notes could be redeemable at the Central Bank. It is on this note that we told Mr President that we would continue to interface with relevant agencies, especially the CBN. He said: “One important thing I want to stress is that Mr President has addressed most of the issues we want to raise with him at the national broadcast this morning (yesterday). “With due respect, can our local traders have access to the Central Bank? Also present at the meeting with the President were the governor of the Central Bank of Nigeria, CBN, Mr. This is even as the governor of the Central Bank of Nigeria, CBN, Mr.

Buhari said he had given approval to the Central Bank of Nigeria (CBN) that the old N200 banknote be released back into...

So, because of that, I will follow the President’s directive saying the old N500 and N1,000 are no longer legal tender,” he said. I don’t have the time to take it to CBN as we are told to do.” Commenting on Buhari’s speech, Uju Ogubunka, president of the Bank Customers Association of Nigeria, said it will help to ease pressure and tension among the banking public. Bank officials who spoke with BusinessDay after Buhari’s speech said their banks were not accepting the old N500 and N1,000 notes. Kindly visit the CBN online portal to generate your code and follow the instructions.” “No bank after the President’s broadcast will accept the affected old notes.

Nigeria's President Muhammadu Buhari in a “new naira note” speech to the nation on February 16, 2023, approved the re-introduction of the N200 notes into ...

However, it is also important that the president leaves with a legacy that is not just personal to him but important to the future of our democracy. The apex bank’s inability to ensure the new notes are available for Nigerians is a failure in policy implementation and one that cannot be forgotten. Having lost the elections himself 4 times, the president understands the role money plays in Nigeria’s politics and is determined to erode it despite the challenges of doing so. But the speech is also in defiance of the Supreme Court order that halted the expiration of the old naira notes pending the determination of a suit brought to it by state governors. - “Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. It also suggests that the President believes the lower denominations are harder to influence vote buying connoting that targeted politicians only have larger denominations for their election-rigging plans.

*Old N200 to be released back into circulation for 60 days. * All existing old N1000 and N500 notes remain redeemable at the CBN and designated points.

I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics. I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks. Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. 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. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times. 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 similarly consulted widely with representatives of the State Governors as well as the Council of State. The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In appreciation of the systemic and human difficulties encountered during implementation and in response to the appeal of all citizens, an extension of ten days was authorized till 10th February, 2023 for the completion of the process. 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;