On Thursday, President Muhammadu Buhari spoke to Nigerians about the difficulties with the Central Bank of Nigeria’s currency swap scheme.
The N200, N500, and N1000 Nigerian banknotes were redesigned by the CBN in the final quarter of 2022.
The fight against vote buying, terrorism, and corruption in the nation was mentioned by the apex bank as justification for its move.
However, in the last few weeks, certain 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.
According to some, the CBN Governor misled the President into approving the naira swap scheme.
But President Buhari confirmed on Thursday that the CBN Governor had his approval before acting.
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.