President Muhammadu Buhari has asked Nigerians to swap old N500 and N1000 notes at the Central Bank of Nigeria (CBN) and designated places.
Buhari said this in a national broadcast on Thursday morning.
In his broadcast, Buhari acknowledged the hardship Nigerians as a result of the naira redesign policy, saying he had directed the Central Bank of Nigeria (CBN) to make new notes available.
“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.
“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.
“I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.
“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.