Oge began writing blog post in 2017 after finishing his Secondary Education at Saint Patrick's Secondary School Enugu. He attended Zhejiang University of science and technology at the department of Digital Media Technology also currently schooling at Enugu State University of science and technology (ESUT) In the department of Geology and Minning. Oge Ebube has many works in Music and he is currently writting a short novel 'Je suis Prisoner: I'm a Prisoner'.
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Below in this post, ValidNewsToday will be exploring on the President announces extended deadline for old N200 notes, so keep reading below to see #President #announces #extended #deadline #N200 #notes
President Muhammadu Buhari on Thursday addressed the nation over the crisis generated by naira redesign policy.
In the broadcast, Mr President, who said he sympathized with Nigerians for the distress encountered, announced an extension of the deadline to April for old N200 notes while N500 and N1000 notes are to be deposited with the Central Bank of Nigeria, CBN.
I have found it necessary to address you today, on the state of the nation and to render an account of the efforts of our administration to sustain and strengthen our economy, enhance the fight against corruption and sustain our gains in the fight against terrorism and insecurity which has, undoubtedly, been impacted by several internal and external factors.
2.Particularly, I am addressing you, as your democratically elected President, to identify with you and express my sympathy, over the difficulties being experienced as we continue the implementation of new monetary policies, aimed at boosting our economy and tightening the loopholes associated with money laundering.
4.In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.
5.For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till 31 January 2023, before the old notes, cease to be legal tender.
6.In appreciation of the systemic and human difficulties encountered during implementation and in response to the appeal of all citizens, an extension of ten days was authorized till 10th February 2023 for the completion of the process. All these activities are being carried out within the ambit of the Constitution, the relevant law under the CBN Act 2007 and in line with global best practices.
a. The need to restore the statutory ability of the CBN to keep firm control over the money in circulation. In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4 trillion.
8.Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative.
9.I have been reliably informed that since the commencement of this program, about N2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved.
g. Greater visibility and transparency of our financial actions translating to efficient enforcement of our anti-money laundering legislations.
11.I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.
12.To stem this tide, 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 the availability of an appropriate amount of currency; and have the ability to make deposits.
13.I have similarly directed that the CBN should 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.
14.During the extended phase of the deadline for currency swap, I listened to invaluable pieces of advice from well-meaning citizens and institutions across the nation.
15.I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made.
16. To further ease the supply pressures, particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023, to April 10, 2023, when the old N200 notes cease to be legal tender.
17.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.
18.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.
19.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.
20.I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.
21.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.
22.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.
23.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.
24.I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. I wish us all successful General Elections.
Prior to Mr President’s address to the nation, the Supreme Court had on 8th February temporarily halted the move by the Federal Government to ban the use of the old naira notes from February 10, 2023, to February 15, following a suit brought before the apex court by governors of Kogi, Kaduna and Zamfara states against the Federal Government and CBN.
The Supreme Court subsequently adjourned the suit on it to 22nd February 2023.
Oyo State Governor, Engineer Seyi Makinde, has reaffirmed his unwavering admiration for teachers and the teaching profession, noting that his administration would continue to do everything possible to ensure that teachers and other workers are satisfied on the job.
The governor, who declared that the state government would pay the state’s teachers annual leave bonus for 2022 by end of February, said that the welfare of workers would continue to be paramount to his government.
A statement by the Chief Press Secretary to the governor, Mr. Taiwo Adisa. on behalf of the Media Committee of the Governor’s Campaign Council, stated this on Wednesday, when he met with the representatives of the Nigeria Union of Teachers, Itesiwaju Local Government Chapter in Otu.
The governor equally told residents of the Council at separate meetings with the leadership of religious faiths and the traditional council that his administration would explore tourism and solid mineral development to expand the state’s economy under Omititun 2.0.
While campaigning at separate meetings with traditional worshippers, commercial motorcycle riders’ associations and non-indigenes of the Council, the governor said that his administration has been able to deliver on its 2019 campaign promises.
The governor explained that everything his administration has been able to achieve under Omituntun 1.0 would be consolidated under Omituntun 2.0, warning residents of the Council not to allow opposition political parties whom he said have nothing to campaign with to deceive them ahead of the coming elections.
In his remarks during the traditional council’s meeting with the governor and his entourage, the Eleyinpo of Ipapo, Oba Yekeen Ademola, as well as representatives of each group met by the governor, lauded his administration’s achievements in the last 44 months.
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Credit: https://radionigeriaibadan.gov.ng/2023/02/16/full-text-of-president-buharis-speech-on-naira-redesign-policy-crisis/
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