President Muhammadu Buhari has extended the validity of the old N200 notes till April 10, 2023. The president announced this in a national broadcast on…
The president announced this in a national broadcast on Thursday Morning.
The Central Bank of Nigeria (CBN) had redesigned N200, N500 and N1000 notes late last year and set a deadline of January 31 for the use of old naira notes.
But after intense pressure, the CBN extended the deadline to February 10.
Some governors had met with Buhari over the naira redesign, saying it was causing hardship. The president had told them to give him seven days to take action.
However, the governor filed a suit at the Supreme Court two days to the deadline and the court restrained the CBN from banning the use of the old naira notes from February 10, 2023.
But CBN governor, Godwin Emefiele, said there was no need for the deadline to be extended.
The stance of the CBN governor triggered confusion as filling stations, supermarkets, and other business owner rejected the old naira notes.
In his speech, the president sympathised with Nigerians over the hardship experienced by the naira redesign policy.
He however said it was put in place to check money laundering, terrorism and other vices that could hamper the economy.
He said the redesign processes followed due process.
“To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.”
“In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points. Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.”