Singer, Paul Okoye aka Rudeboy has tackled the Nigerian Senate for calling for the extension of the deadline of the swapping of the redesigned Naira notes.
Worried by the scarcity of the newly redesigned notes to common Nigerians, the Senate recently called for the extension of the deadline for the swapping of the Naira notes to June 2023.
In a post shared on his Instagram page this morning, Paul stated that the lawmakers are now speaking up because this particular policy affects them and the election. He went on to ask where the lawmakers were when palliatives were hidden during the pandemic. He added that God is “helping Nigerians avoid vote buying.”
The Central Bank of Nigeria (CBN) has finally extended the deadline for the exchange of old Naira notes by 10 days.
The CBN Governor, Godwin Emefiele, in a statement on Sunday says it has permission of President Muhmammadu Buhari to effect the extension.
Good afternoon, ladies and Gentlemen. Like you can see, I’ve just ended a meeting with Mr President. The purpose of the meeting is to provide Mr President with updates about the implementation status of the C B currency redesign program currently going on across the Federation.
a. We held several meetings with our Deposit Money Banks (DMBs) and provided them with Guidance Notes on processes they must adopt in the collection of old notes and distribution of the New Notes to all Nigerians. These includes specific directives to DMBs to load new notes into their ATMs nationwide to ensure an equitable / transparent mechanism for the distribution of the new notes to all Nigerians.
b. We commenced a nationwide sensitization through the Print and electronic media to create an awareness on the redesigned notes to Nigerians including collaboration with the National Orientation agency to reach all Nigerians across multiple channels.
c. We deployed 30,000 Super Agents nationwide to assist in our Cash Swap initiative in the hinterlands, rural areas, and regions underserved by banks in the Country to ensure that the weak and vulnerable ones amongst us exchange their old notes.
d. We deployed all our staff, particularly the Assistant Directors, Deputy Directors and Directors in Abuja to proceed to all CBN branches Nationwide to join the mass mobilization campaign and monitoring programs, working with the Deposit Money Banks, agents and our Branch controllers across the 36 states of the Federation.
This is meant to ensure compliance with all our guidelines already issued for smooth implementation of the program. Although we have received some reports of breaches by some bank branches, we have agreed with Executive Chairmen of the EFCC and ICPC to assist us, by sending their staff to all C B and DMB branches nationwide to join in monitoring the implementation of these guidelines. The aim is to ensure compliance with the laid down guidelines.
e. We are happy that so far, the exercise has achieved a success rate of over 75 percent of the N2.7 trillion held outside the banking system. Nigerians in the rural areas, villages, the aged and vulnerable have had the opportunity to swap their old notes; leveraging the Agent Naira Swap initiative as well as the CBN Senior staff nationwide sensitization team exercise.
f. Aside from those holding illicit/ stolen Naira in their homes for speculative purposes, we do aim to give all Nigerians that have Nara legitimately earned and trapped, the opportunity to deposit their legitimately trapped monies at the C B for exchange.
i. A 10-day extension of t h e deadline from January 31, 2023, to February 10, 2023; to allow for collection of more old notes legitimately held by Nigerians and achieve more success in cash swap in our rural communities after which all old notes outside the CBN losses their Legal tender Status. Our CBN staff currently on mass mobilization and monitoring together with officials of the EFCC and ICPC will work together to achieve these obiectives.
ii. A 7-day grace period, beginning on February 10 to February 17, 2023, in compliance with Sections 20(3) and 22 of the CBN Act allowing Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender status.
We therefore appeal to all Nigerians to work with the Central Bank of Nigeria to ensure a hitch free process for the implementation of this very important program.
Thank you.
Godwin Emefiele
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