President Muhammadu Buhari in a widely watched live broadcast disclosed that he directed the Central Bank of Nigeria (CBN) Godwin Emefiele to- redesign the currency.
Buhari made this assertion while addressing the country, Thursday, February 16 on the outright rejection of the N200, N500 and N1000 notes, sparkling nationwide protests on Wednesday.
“In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes,” Buhari said.
“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.
“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.”