Buhari Admits Emefiele Is Acting Under His Approval

President Muhammadu Buhari on Thursday addressed Nigerians on the challenges of the currency swap policy of the Central Bank of Nigeria.

The CBN in the last quarter of 2022 had redesigned the N200, N500, and N1000 Nigerian banknotes.

The apex bank while giving the reason for its action, pointed to the fight against vote buying, terrorism and corruption in the country.

However, in the last few weeks, some members of the All Progressives Congress (APC) have been accusing the Governor of the CBN, Godwin Emefiele of acting to undermine the victory of the party in the 2023 general elections.

Some had claimed that the CBN Governor deceived President to approve the naira swap policy.

President Buhari, however, on Thursday revealed that the CBN Governor acted under his approval.

He said, “in the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.

“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, 223 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.”