Naira redesign: I want to minimize the use of money during election – Buhari makes confession

President Muhammadu Buhari has admitted that part of his plan for approving the redesign of the Naira notes is to minimize the use of the money during the political season.

The President said the new monetary policy will contribute immensely to the minimization of the influence of money in politics.

Buhari disclosed this on Thursday morning during a nationwide broadcast.

According to him, Nigerians should go out and vote for their preferred candidate during the February 25 elections.

“Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members.

“I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics.

“This is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections,” Buhari said.

Buhari also extended the only old N200 notes to be circulated till April 10 and remains legal tender.

He ordered the Central Bank of Nigeria (CBN) that the old N200 bank notes, which will remain legal tender with the newly re-designed N200, N500, and N1,000 notes until April 10, 2023.

The President said this in reaction to the escalating cash scarcity in the nation as a result of the redesigning of the N200, N500, and N1,000 notes and the nationwide uproar which had attended the cash scarcity.

He assured the CBN would continue to ensure the new notes are released into the system for citizens to have access to them as the administration continues to monitor the success of the policy to ensure Nigerians are not unnecessarily suffering.

Speaking on the reason for the current hardship experienced as a result of the policy, the President noted the situation had been occasioned by the activities of those he described as unscrupulous banking operators and expressed sympathies with citizens for the hardship so far faced.

“To further ease the supply pressures, particularly to our citizens, 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 February 10, 2023, to April 10, 2023, when the old N200 notes cease to be legal tender.

“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.

“Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN,” he said.

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