The President in his broadcast earlier today added two months extension before expiry of the two hundred naira redesigned banknotes.
That the President, MUHAMMADU Buhari was the one who authorized the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 notes.
The the redesigned notes were scheduled to circulate with the old bank notes till 31st January, 2023 after which the old notes would cease to be legal tender.
Due to the difficulties encountered according to these implementations, an extension of ten days was authorized till 10th February, 2023.
REASON FOR DECISION
a. The CBN needed lost control and needed to regain and keep a firm control of all moneys in circulation. In 2015, when Buhari administration commenced its first term, Currency-in-Circulation was only N1.4trillion
b. As of October 2022, currency in circulation had risen to N3.23 trillion; but only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby affecting management of financial policy and inflations
c. The huge volume of Bank Notes outside the banking system made it difficult to stimulate economic activities, causing economic growth to slow down
d. Due to the above, Government needed to reduce the number of unbanked population so that more people transacting with money can be captured within the banking system and money flow will remain within controllable sphere, instead of being loosely left outside where cash flows cannot be tracked
e. It was also necessary to help security agencies to combat banditry and ransom-taking in Nigeria
f. There are gains so far, from these steps taken
g. So far, about N2.1 trillion out of the moneys outside the banking system, have now been successfully deposited back into the banking system, which is about 80%
* To ease the pressures, the old N200 bank notes be released back into circulation.
The new N200, N500, and N1000 banknotes will also also continue to circulate for the next 60 days (2 months) from February 10, 2023 to April 10 2023; after which the old N200 notes will no longer be legal tender.
This administration believes that the Naira redesign has helped to reduce the influence of money in politics and the decision will be better appreciated during the February 25th election.
Everyone should go out and vote for their candidates of choice without fear, because security shall be provided and votes shall count.
You are urged to avoid violence and any action capable of disrupting the electoral processes.
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