Buhari Gives Reasons for CBN Naira Redesign Policy As Nigerians Get Desperate Ahead of Deadline
- President Buhari has provided a detailed explanation on the reasons the CBN redesign policy is important
- The explanation is coming amid calls by Nigerians for CBN to extend the deadline of January 31, 2023
- The Central bank of Nigeria has insisted that there will be no extension for Nigerians to deposit old notes
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President Muhammadu Buhari has again defended the decision of the Central Bank of Nigeria to redesign a higher denomination of the Naira.
According to Buhari, the policy was targeted at individuals in possession of illicit funds and not ordinary Nigerians.
The president disclosed this in a statement issued by his Senior Special Assistant on Media and Publicity, Garba Shehu on Saturday, 28 January 2023, the Punch reports.
The statement was a reaction to challenges faced by Nigerians in their bid to meet the January 31 deadline announced by the CBN for the withdrawal of the old banknotes from circulation.
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Buhari give reasons why the policy is good
Buhari noted that the redesign of the Naira notes had become necessary to prevent counterfeits, corruption, and terrorism financing.
He further explained that the move will strengthen the economy.
"A number of initiatives had been put in place by the CBN and all commercial banks to speed up the distribution of the new notes and forestall cash squeeze and chaos in the country."
Calls for CBN to extend the deadline
Meaning there has been an intense call by prominent Nigerians including lawmakers for the Central Bank of Nigeria to extend the deadline.
One such request came from Peoples Democratic Party (PDP) presidential candidate Atiku Abubakar, as well as state governors, who wanted the time for the procedure to be extended.
Also the National Assembly in a plenary session on Thursday, 26 January 2023 urged the CBN to extend the deadline for the swap of the old Naira notes with the new ones by six months.
CBN Says N900bn Still Outside the Banking System as it extends deadline for cash swap, return of old notes
Nigerians react as video shows man spraying bundles of new naira notes at party
Meanwhile. Nigerians have reacted to a video showing a bundle of new naira notes sprayed at a party.
The video is coming at a time many Nigerians remain unsure of their fate after the January 31, 2023 deadline.
The Central Bank of Nigeria has reaffirmed that the deadline for depositing old currency will not be extended.