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President Muhammadu Buhari has in a state of the nation's broadcast, appealed to Nigerians to remain calm and law-abiding in the face of the ongoing implementation of new monetary policy in the country.
President Buhari stated that the Monetary policy was intended to curb money fraud, banditry and ransome taking, money laundering, fight inflation and strengthen the economy.
Interestingly, the president extended the use of the old Naira notes as legal tender until April 10th, 2023 in respect to the economic challenges accompanying the policy.
"I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from Feb. 10, 2023 to April 10 2023".
"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".
The president further stated his administration will continue to evaluate the progress of the new monetary policy and make adjustments where necessary: "Let me assure Nigerians that our admin. will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available & accessible to our citizens through the banks.
"I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time."
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