Why I backed CBN’s Naira redesign policy– Buhari

President Muhammadu Buhari says the naira redesign policy of the Central Bank of Nigeria (CBN) has minimised the influence of money in Nigeria’s politics.

Speaking in a televised nationwide address on Thursday, Buhari said the development is a positive departure from the past and a legacy for his administration.

“Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members,” he said.

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“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.”

The president urged Nigerians to vote for their preferred candidates in the forthcoming polls without fear and eschew violence.

“I urge every citizen, therefore, to go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count,” he said.

“I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. I wish us all a successful general election.”

On October 26, 2022, Godwin Emefiele, CBN governor, announced the plan to redesign the biggest denominations of the country’s currency to control the money supply and aid security agencies in tackling illicit financial flows.

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Emefiele had said the new notes (N200, N500, and N1000) would be effective from mid-December 2022, advising customers to deposit their old notes before January 31, 2023, when they would cease to be legal tender.

The January 31 deadline sparked controversies as many Nigerians could not access the new naira notes.

On January 29, Emefiele said Buhari had approved the extension of the phase-out to February 10.

On February 8, the Supreme Court temporarily restrained the federal government from banning the use of the old naira notes from February 10, 2023, pending the hearing of the matter on February 15.

Despite the court’s order, Emefiele insisted on the deadline.

On Wednesday, the apex court adjourned the hearing of the case to February 22, and insisted the old naira notes are still legal tender.

The scarcity of old naira notes sparked violent protests in many parts of the country as banks and automated teller machines (ATMs) were touched.