₦airaland Forum

By Sharon Osaji


The President, Major General Muhammadu Buhari (retd.), on Thursday morning addressed the nation in a televised broadcast where he addressed the naira crisis plaguing the country.

In his address, the president apologised for the difficulties experienced across the nation in accessing the scarce new naira notes.

Here are 10 major takeaways from the president’s address


New naira has come to stay

The president has defended the naira redesign policy of the Central Bank of Nigeria. In his address, he said the policy became necessary noting that the proportion of currency outside banks grew from 78% in 2015 to 85% in 2022. He said as of October 2022, the currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation.


Old N200 note will remain legal tender till April 10

The president, in an effort to cushion the effect of the new naira policy on the citizenry, approved the continued use of the old N200 as legal tender for the next 60 days. This means that till April 10, Nigerians will be able to trade with the old N200 banknote. However, it will also cease to be legal tender after its 60 days of grace elapses.


Old N500, N1000 notes no longer legal tender

On the contrary, the president had nothing much to say about the old N500 and N1000 bank notes, which indicates that they are no longer legal tender in the country, as he said the old N200 will circulate alongside the new N200, N500 and N1,000 notes.

He however added, “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.”


Buhari apologises for difficulties

Speaking on the difficulties Nigerians have experienced since the naira redesign, the president said he was deeply sorry for the hardship caused.

In his words, “I am deeply pained and sincerely sympathise with you all over these unintended outcomes. To stem this tide, I have directed the CBN to deploy all legitimate resources and legal needs to ensure that our citizens are adequately educated on the policy , enjoy easy access to cash withdrawal through availability of appropriate amounts of currency and availability of currency.”


Why naira was redesigned

In a bid to enlighten Nigerians on why the naira was redesigned, Buhari said, “I feel obliged to avail you a few critical points underpinning the policy decision. These include:

a. The need to restore the statutory ability of the CBN to keep firm control over the money in circulation.

b. The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022, thereby distorting the financial policy and efficient management of inflation;

c. The huge volume of banknotes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth;

d. Economic growth projections make it imperative for government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population; and

e. Given the prevailing security situation across the country, which keeps improving, it also becomes compelling for government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria


What new naira policy will achieve

The president highlighted the expected short, medium and long terms goals the policy is supposed to achieve as; a strengthening of our macroeconomic parameters; reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices; lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation; Collapse of illegal economic activities which would help to stem corruption and acquisition of money through illegal ways; Exchange Rate stability; availability of Easy Loans and lowering of interest rates; and greater visibility and transparency of our financial actions translating to efficient enforcement of our anti-money laundering legislations.


Saboteurs of naira policy will face the law

Buhari said he has directed the CBN to intensify collaboration with anti-corruption agencies, “so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.”

He added, “I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amounts of currency; and ability to make deposits.”


Buhari appeals for understanding

Insisting that the naira redesign policy is for the economic best of the nation, the president pleaded with Nigerians for understanding. he said, “I seek your understanding and patience during this transient phase of implementation,” adding that “I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.


Next administration will benefit from naira redesign

On the fast-approaching general elections, the president said, “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.


Shun electoral violence

Buhari further urged every citizen to “go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count. I however admonish you to eschew violence and avoid actions capable of of disrupting the electoral processes. I wish us all a successful general election.”

https://punchng.com/new-naira-10-takeaways-from-buharis-nationwide-address/?amp


Nlfpmod

Are the "takeaways" filled with jollof rice and KFC chicken or it's filled with salad

Don't forget tinubu put his hand in the air during national anthem in rivers rally

Oshiomole have help to tell to him to put it down. cheesy cheesy cheesy cheesy cheesy cheesy grin cheesy grin
Peter obi

Is going to aso rock

karnap:
Don't forget tinubu put his hand in the air during national anthem in rivers rally

Oshiomole have help to tell to him to put it down. cheesy cheesy cheesy cheesy cheesy cheesy grin cheesy grin
Peter obi

Is going to aso rock

Cheesy grin.
You no copy am well, you even copied emoji

Nice

So Buhari is even more patriotic to the nation than South west people still stuck in tribalism

And the funny thing is that these people always claim to be accommodating and educated

This election just exposed them

How can someone in is rightful mind after what we have seen in the past eight years vote for tinubu

You have to be completely tribalistic to do that

MadeInTokyo:
He also said....There will be no postponement of election
Tinubu and APC Governors that were pushing for postponement of election in order to move their vote buying money round can now go and hung transformer
Buhari should be given man of the year

Any proof that they were pushing for postponement? I want to send it to PUNCH newspaper

Anyways, I feel Election turn out this year will be low.

Nigerians be wise

Since Buhari thinks he's the only one that knows how to disobey court order, I will not listen to him either. I will wait for supreme court judgment.

Mtcheew! I can't count the number of people around me that still have the old notes simply because of lack of new cash! We just hope the government knows what it's doing, as in head dey pepper the masses!

I am fully and 100% with Buhari on this

Googledotcom:
Since Buhari thinks he's the only one that knows how to disobey court order, I will not listen to him either. I will wait for supreme court judgment.

Supreme Court doesn't have the Jurisdiction to stop monetary policies. It's in the constitution but you an average African.
An average African cannot read, if you want him not to see anything, put it inside a book.

Hendrixky:
Nice

So Buhari is even more patriotic to the nation than South west people still stuck in tribalism

And the funny thing is that these people always claim to be accommodating and educated

This election just exposed them

How can someone in is rightful mind after what we have seen in the past eight years vote for tinubu

You have to be completely tribalistic to do that

It's their right. Vote for your own candidate, and leave them to vote their choice.

Hmmmm.

Election holds in 9 days. You should all come out en masse to vote for Asiwaju. Only Asiwaju can stop them from turning your old notes into tissue paper..
Once Asiwaju wins, old notes will remain till December 2023 and Emefiele will be fired.
check my signature for free stuffs!

The president said CBN and other designated points, pls can someone expatiate on this other designated points.

Workch:
Supreme Court doesn't have the Jurisdiction to stop monetary policies. It's in the constitution but you an average African.
An average African cannot read, if you want him not to see anything, put it inside a book.

Who appoints the head of CBN ? The executive

Does the executive operate in isolation in a democratic system ?

An average African should also try to comprehend after reading.