Buhari: Why We Won’t Backtrack On Naira Redesign

CBN Warns Banks Against ‘Composed’ Banknotes In Their Deposits

Nigeria President Muhammadu Buhari has declared that his government will not go back on the planned redesign of N1,000, N500 and N200 notes by the apex bank, the Central Bank of Nigeria (CBN).

The President, who spoke in London, the United Kingdom on Wednesday evening shortly after meeting with King Charles 111 at the Buckingham palace, said the policy announced by the CBN Governor, Godwin Emefiele on October 26, 2022 has come to stay.

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“No going back,”  President Buhari said of the decision to redesign the three naira notes.

The President said enough time has been given by the Central Bank of Nigeria (CBN) for Nigerians to deposit the present naira notes at banks in exchange for the newly redesigned ones which will be issued by December 15, 2022.

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His words: “On this change of currency, there will be a lot of money but time has been given from October to December, three months is enough for whatever money you have, to get it changed through the legal system. So, I don’t know why people are complaining about it.”

President Buhari also said politicians won’t be allowed to mobilise resources and thugs to intimidate voters in the 2023 general elections.

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According to him: “My aim is to make sure that Nigerians believe that we respect them as an administration.

“So, Nigerians should vote for whoever they like from whichever political party. Nobody will be allowed to mobilise resources and thugs to intimidate people in any constituency. That is what I want to go down in Nigerian history for as a leader.”

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