…..apologizes to Nigerians on cash swap policy’s hardships
President Muhammed Buhari on Thursday in a national broadcast ordered the Central Bank of Nigeria (CBN) to immediately extend the deadline for the use of old N200 notes till April 10, 2023.
In his broacast, the President blamed ‘unscrupulous officials’ in the banking industry, who were entrusted with the process of implementing the new cash swap policy for the Naira scarcity nationwide, and expressed his regret over the unintended hardships the implementation had caused millions of ordinary Nigerians.
He explained: “I am not unaware of the obstacles placed on the path of Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained & sincerely sympathize with you all, over these unintended outcomes.
“To stem this tide, I have directed the CBN to deploy all legitimate resources & legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through the availability of the appropriate amount of currency; & ability to make deposits.
“I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law”, Buhari assured.
The President also appealed to Nigerians for patience and understanding during the difficult transition phase of the monetary policy.
Buhari, who cited Section 20(3) of the CBN Act 2007 to justify his action, also directed the CBN to ensure that old N200 notes are released back into the economy and allowed to circulate as legal tender along the new N200, N500, and N1000 banknotes until the new deadline elapses.
According to him, all existing old N1000 and N500 notes would remain redeemable at the CBN and designated points.
The President said that government would continue to monitor the implementation of the latest directive, especially which requires the CBN ensure the nationwide circulation of the newly redesigned notes in order to reduce the sufferings of Nigerians in the implementation of the policy.
