N200 remains legal tender, while N500 and N1000 are not, says Buhari

 

 

 By Akinola Ajibade

President Muhammadu Buhari, yesterday, said that old N200 notes would remain a legal tender till April 10th this year, while at the same directed Nigerians to deposit old N500 and N1000 notes with the Central Bank of Nigeria (CBN).

He spoke during a national broadcast on the challenges of the currency SWAP and other national issues facing the country.

He said the broadcast was in line with the  commitments of his administration to strengthen the country's economy, enhance the fight against corruption and sustain its fight against terrorism and insecurity which has, undoubtedly, been impacted by several internal and external factors.

Other reasons, he said, was to sympathize with Nigerians over the difficulties, which they are facing as the Federal Government continues with the implementation of its monetary policies, adding that the decision  aimed at boosting the country's  economy and further tightening the loopholes associated with money laundering.

The President said: " Let me re-assure Nigerians that issues such as  strengthening the economy,  enhancing security and blockage of leakages associated with illicit financial flows remain top priority of the present administration. 

He noted that the government ordered CBN to redesign the N200, N500, and N1000 Nigerian banknotes in the last quarter of 2022, as well as approving the circulation of the old and new notes concurrently before the old notes cease to be legal tender in the country.

The government, the President, said extended the implementation of the naira exchange programmes by ten days, in response to the difficulties experienced by Nigerians, while trying to get the new notes.

He said that the government has successfully retrieved about N2.1 trillion out of the banknotes previously held outside the banking system, since late last year, when it began the implementation of the new currency programmes.

This, he said, represents about 80% of such funds. In the short to medium and long terms, stressing that the idea would help in strengthening the nation's macro economic parameters, reducing broad money supply in order to decelerate the velocity of money in the economy, lowering the rates of inflation and collapse illegal economic activities, with a view to curb corruption and other illegal means of acquiring money in the country.

Continuing further, the nation's number one citizen said that he was deeply pained by the agonies, which Nigerians are going through on the issue of currency swapping, stressing that the government has directed  CBN to deploy all legitimate resources and legal means, with a view to  ensure that citizens are adequately educated on the policy and further enjoying unimpeded access to cash deposits and withdrawals.

The government, the President added, has simultaneously directed CBN to intensify collaboration with anti-corruption agencies, in order to ensure that saboteurs of the new currency implementation strategies face the full weight of the law. 

On issues pertaining to the  elections, Buhari advised Nigerians to eschew violence and votes for their candidates, stressing that providing enduring democratic system is an issue, which is paramount to his administration.

Recall that all existing N1000 and N500 notes remain redemmable at the CBN and designated points 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.