Buhari Blames Bank officials, Refuses To Return Old N500, N1000 Notes Into Circulation

Buhari confirmed the order to the Central Bank Of Nigeria while addressing the nation on Friday morning.

According to the order, the old N200 notes will coexist with the new notes from February 10 to April 10.

Buhari said the approval was necessitated by the need to cushion the hardship being experienced by citizens following the implementation of the new monetary policy of the Central Bank of Nigeria (CBN).

The Nigerian leader revealed that the approval was also as a result of wide consultations with relevant stakeholders including the representatives of State Governors, the Council of State as well as the pronouncements of the Supreme Court.

Meanwhile, he did not bow to the requests to let all the old notes coexist with the new notes.

The president on Friday confirmed that the old N500 and N1000 notes cease to be legal tender and can only be deposited at designated centers approved by CBN.

The president, who listed the advantages of the ongoing financial reforms embarked upon by the apex bank, however, blamed unscrupulous bank officials for some of the hardship experienced by Nigerians.

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According to him, he has since directed the CBN to deploy all legitimate resources and legal means to ensure that citizens are adequately educated on the new policy, and enjoy easy access to cash withdrawal through the availability of an appropriate amount of currency, and the ability to make deposits.

He also directed the CBN to intensify collaboration with anti-corruption agencies in checking the activities of those who were bent on sabotaging the smooth implementation of the new Naira redesign policy.

He reassured that government would continue to assess the implementation of the policy with a view to ensuring that Nigerians are not unnecessarily burdened while urging the CBN to ensure the availability of the new Naira notes across the country.

The president, who called for more understanding from the citizens, reiterated the commitment of his administration to hand over a financially stable economy to the incoming administration on May 29, 2023.