Buhari apologises: Why I approved CBN naira redesign policy

March 3, 2023 11:17 AM

“I apologise to you for the hardship caused by the change of the naira..."

President Muhammadu Buhari joins prayers for unity, peace as Muslims end Tafsir. (Global Village Extra)

President Muhammadu Buhari expressed regret to Nigerians regarding the naira redesign policy, clarifying that it was not implemented with the intention of causing difficulties but to enhance the economy.

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In a video clip uploaded on Twitter by the governorship candidate of the All Progressives Congress (APC) in Kaduna state, Uba Sani, on Thursday, March 02, 2023, Buhari said: “I apologise to you for the hardship caused by the change of the naira.

“It was done to boost the economy of the country, not to cause hardship to anybody.”

Flashback Friday: The plan to redesign the N200, N500, and N1,000 notes was initially disclosed by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, in October 2022.

As a result of the apex bank's announcement that February 10th would mark the cut-off date for the utilisation of old naira notes, a shortage of the currency ensued.