President Mohammadu Buhari today (Thursday 16 April, 2023) in a National Broadcast directed that the old 500 and 1000 naira notes have seized to be legal tenders.
Buhari said the old 200 Naira notes will coexist alongside the new notes for a period of 60 days beginning from February 10.
The president clearly stated the reason for the naira redesign policy, saying it is to save the naira in the sense that the Central Bank of Nigeria , CBN, will know the exact amount of money in circulation. He said the policy will help to control inflation, hinder money flow to terrorists and significantly check money laundry. More especially, President Buhari said the policy is part of his measures to ensure the credibility of the forthcoming general election, as he enjoined Nigerians to support any candidates of their choice who are accountable, corrupt free and competent, not considering party, religion or ethnic affiliations.
The broadcast by the president was timely to dispel rumours surrounding the currency redesign policy and contain unrests arising from it.
Another interesting aspect of the broadcast was that Buhari seized the occasion to appeal to the public on the need to reason with government on the matter as well as directed the CBN to escalate awareness creation on the policy.
As a writer and analysts who believes strongly in Nigeria and its wellbeing, the broadcast is reassuring that our authorities in government still listen to the people and accept good suggestions.
Barely two weeks ago, I embarked on series of investigations on the naira redesign policy. In the process, I visited at least two branches of all the banks in different parts of Lagos Metropolis. I also went to some locations within the metropolis to feel the atmosphere, monitoring activities at key transaction points including POS centres, markets, big shops and filling stations.
The findings of the investigation were translated into media reports and analysis, which were transmitted to the CBN via its active social media contacts.
I am glad that all the recommendations in my reports were reflected in the president’s broadcast this morning.
I urge the good people of Nigeria, especially the youths to adopt sensible ways of talking to the governments rather than resorting to violence. Violence does no good to anyone ; rather it leads to the destruction of our collection possessions , while eroding little progress made to move the nation forward.
Government belongs to all, lets protect that which is dear to us , by being peaceful and supportive at all times; but always willing to make good suggestions to the authorities for them to lead us well. Truly, they listen. It is only through that that our nation will steadily come out of its numerous problems and attain the much needed national development.
Innocent Onoh writes from Lagos
