Naira Crisis: N200 Survives, N500 , N1,000 Hang In The Balance

500 and 1,000 old naira notes were left to hang in the balance on Thursday while  the 200 old naira note survived and will remain a legal tender.

 President Muhammadu Buhari  in his broadcast  speech  on Thursday morning  declared that the old 500 and 1,000  naira notes are not  legal tender anymore.

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The president urged  Nigerians to take necessary steps  in respect of the affected old naira notes  by visiting  the Central Bank of Nigeria (CBN) and other designated places.

President  Buhari acknowledged the hardships Nigerians  had faced as a result of the naira redesign policy, saying he had since  directed the Central Bank of Nigeria (CBN) to make new naira notes available.

There had been growing tension in the country sequel to the scarcity of petrol and new naira notes and its concomitant hardships.

It will be recalled that the CBN had  on October 26 last year announced that circulation of the newly redesigned N100, N200, N500 and N1,000 naira notes would begin on  December 15.

 CBN governor,  Mr Godwin Emefiele had added that  the move was to counter terrorism financing, hoarding of banknotes by members of the public, with statistics showing that over 85 per cent of monies in circulation were outside the vaults of the commercial banks.

It will  also be recalled that the Supreme Court  had on Wednesday, February 8 issued an interim injunction restraining the Federal Government from suspending the acceptance of the old Naira notes  after the Friday, February 10, 2023 deadline.,

While awaiting the eventual decision of the nation’s apex bank, the N500 and N1,000 naira notes will hang in the balance.

‘In line with Section 20(3) of the CBN Act 2007, all existing old N1,000 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.

Let me assure Nigerians that our administration 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 and accessible to our citizens through the banks’ the president said on Thursday..

Buhari  also noted that the new policy has reduced the influence of money in politics, making specific reference to the upcoming 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’ he said- Team@orientactualmags.com
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