Buhari live broadcast today: Nigeria leader don approve old N200 note as legal tender to April 10 – BBC.com
Wia dis foto come from, Nigeria Presidency
Nigerian President Muhammadu Buhari don direct di Central Bank of Nigeria (CBN) to release di old notes of 200 for Nigerians to continue use am as legal tender.
Di President tok say di 200 go function as legal tender alongside new 200, 500 and 1000 naira notes.
''To further ease di supply pressures particularly to our citizens, I don give approval to di CBN say make dem release di old N200 bank notes back into circulation and dat make dem allow am circulate as legal tender with di new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 wen di old N200 notes cease to be legal tender,'' Buhari tok.
President Buhari wey address Nigerians on 16 February say di old notes go continue to be legal tender from February 10 till April 10 2023.
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Dis mean say di old 500 and 1,000 naira no longer dey valid as legal tenders.
Di President say di CBN go continue to collect di old 500 and 1000 notes in line wit Section 20 (3) of di CBN Act 2007.
E say im find am necessary to address im kontri pipo as im continue to sustain di fight against insecurity.
Di President also express im sympathy sake of di difficulty Nigerians dey experience ova di naira redesign policy of di CBN.
Dis directive dey come one day after di Supreme court bin adjourn di suit challenging di naira swap policy to 22 February.
Di apex court bin earlier ask di federal goment and di CBN to suspend di naira swap deadline till dem determine di case wey some state govnors file.
President Buhari re-assure Nigerians say strengthening di economy remain im priority and promise to continue to protect di interest of Nigerians at all times.
E say di evaluation and feedback show say gains don emerge from di CBN initiative even though di policy dey currently cause kasala across di kontri.
“I don dey reliably informed say since di commencement of dis programme, about 2.1 billion naira out of di banknotes wey dey outside di banking system don dey successfully retrieved,” di President tok.
E say di policy go ensure say di exchange rate dey stable and also curb corruption.
Wia dis foto come from, Getty Images
President Buhari say e pain am say di policy get ''unintended outcome''.
“I don direct di CBN to intensify collaboration wit anti-corruption agency say any pesin wey dey sabotage di policy gazz face di full weight of di law, di president tok.
Di President say im listen to advise from Nigerians and institution across di nation and im also consult wit state goment and council of state and na why im dey make dis new directive to di CBN.
President Buhari say im administration go continue to assess di implementation to ensure say Nigerians no experience burden sake of di policy.
President Buhari tok say im don direct di CBN to deploy all legitimate resources and legal means to ensure say Nigerians dey adequately educated on di policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.
E say di CBN go ensure say new notes dey more available and accessible to Nigerians through di banks.
Di President tok say di reason for di policy na sake of say for 2015, currency wey dey in circulation na only 1.4 trillion naira. E say di proportion of currency outside di bank grew from 78 percent in 2015 to 85 percent in 2022. Di President tok say currency for circulation rise to 3.23 trillion and na only 500 billion naira dey di banking system while 2.7 trillion naira dey permanently outside di system. E say dis reality distort di financial and efficient management of inflation.
President Buhari say di huge moni wey dey outside di banking system don prove to be practically unavailable for economic activities and e dey disturb potential economic growth.
Di President say part of di reason for di policy na sake of support for security agencies to fight banditry and ransom-taking for Nigeria.
President Buhari say di new monetary policy go reduce di influence of moni for Nigerian politics.
“Dis na positive departure from di past and e represent bold legacy step by dis administration, towards laying strong foundation for free and fair elections,” President Buhari tok.
Plenti things dey happun for Nigeria at di moment but di major ones wey dey bite di kontri hard na scarcity of naira and fuel.
Di naira redesign policy aka naira swap policy of di Central Bank of Nigeria wey direct pipo to stop to dey use old N200, N500 and N1,000 notes and embrace di new ones.
Di CBN bin extend di deadline for di swap from 31 January to 10 February 10 following complaints by many Nigerians but di Supreme Court come say di Federal Goment, di CBN, and di commercial banks gatz suspend di deadline till 15 February to allow dem hear di suit wey three state govnors – Kaduna, Kogi and Zamfara bin file to challenge di police.
On 3 February, President Buhrai bin beg Nigerians to give am seven days to resolve di cash crunch after di Nigeria Governors Forum urge am to allow all old notes to dey circulate in di system to ease di hardship on ordinary Nigerians.
Di 10 February deadline wey di CBN govnor, Godwin Emefiele give for di old naira notes deadline don pass but di new naira notes dey scarce for di kontri.
Pipo dey find am hard to see money run dia daily activities wit many sleeping overnight for commercial banks ATM, so dem go fit withdraw money ahead of odas.
Dis scarcity of naira and di hardship wey im cause don dey make pipo para sotey, violent protest don dey erupt across di kontri.
Di Nigeria Governors Forum say di naira policy by di Central Bank of Nigeria (CBN) don cause kasala around di kontri and call on di apex bank to do sometin about am.
Di govnors say dem stand wit Nigerians wey dey experience difficulties sake of di naira re-design and cash withdrawal restriction policy of di apex bank.
Dem say di CBN and di Federal Goment gaTz listen to Nigerians and oda stakeholders before di policy cause ogbonge damage wey go dey too big for di next administration to fix.
From Ogun, to Ondo, to Oyo, Kwara and Edo down to Delta, angry Nigerians dey para and carry waka enter streets to protest.
Di peaceful protest mostly dey turn to riot for many places.
Protesters dey attacks commercial banks and destroying dia properties.
For oda places, dem dey attcak bank staffs and even blocking di roads wit bonfires.
Govnors like Zamfara, Ogun, Kano, Kaduna and Lagos don draw ear give banks for dia states to dey allow deposit of old naira notes or dem go show dem pepper.
Dem also dey warn pipo wey dey sell things or offer service say make dem no dey reject di old notes or dem go chop arrest.
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