Following chaos that has erupted in different parts of the country regarding the currency swap policy of the Central Bank of Nigeria, President Muhammadu Buhari on Thursday morning addressed Nigerians in a national broadcast where he apologised for the hardship citizens face while trying to access the scarce new naira notes and proffer some solutions to the predicament.
Neptune Prime compiled some key points from the president’s address.
Old N200 notes remain in circulation
President Buhari said he has authorised the CBN that the old N200 bank notes be released back into circulation and that they should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023, to April 10, 2023, when the old N200 notes cease to be legal tender.
READ ALSO: National broadcast by President Buhari on currency swap policy
Buhari promised that new notes will be available
While apologising to Nigerians, the president assured that his administration will continue to assess the implementation of the new currency with a view to ensuring that Nigerians are not unnecessarily burdened, while the CBN shall ensure that new notes become more available and accessible to citizens through the banks.
Buhari also appealed for understanding as the country tries to navigate the current difficult transient phase within the shortest possible time.
Buhari urged citizens to vote and shun electoral violence
Speaking about the general election coming up on the 25th of February, 2023, the president said the new monetary policy has contributed immensely to the minimisation of the influence of money in politics.
He said it is a positive departure from the past and represents a bold legacy step by his administration toward laying a strong foundation for free and fair elections and admonished Nigerians to shun violence and actions that are capable of disrupting the electoral processes.
Some emerging gains from the monetary policy
The president said since the commencement of the new currency policy, about N2.1 trillion out of the banknotes previously held outside the banking system had been successfully retrieved, which represents about 80% of such funds. In the short to medium and long terms, therefore, it is expected that there would be:
a. A strengthening of the macroeconomic parameters;
b. Reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices;
c. Lowering of Inflation as a result of the accompanying decline in the money supply that will slow the pace of inflation;
d. Collapse of illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways;
e. Exchange Rate stability;
f. Availability of Easy Loans and lowering of interest rates; and
g. Greater visibility and transparency of our financial actions translating to efficient enforcement of our anti-money laundering legislation.
11.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.
Citizens will be educated on the currency policy and Saboteurs be duly prosecuted
President Buhari said he has directed the CBN to deploy all legitimate resources and legal means to ensure that citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through the availability of the appropriate amount of currency; and ability to make deposits, he also urged the CBN to intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation be made to bear the full weight of the law.
