Breaking: Buhari approves old N200 note to remain in circulation until April 10
The extension of only the two hundred naira notes back in circulation until April 10th, 2023, has been approved by President Muhammadu Buhari.
In a speech broadcast to the entire country on Thursday, the president announced the development and stated that all old N1000 and N500 notes are still redeemable at the Central Bank of Nigeria (CBN) and other designated locations.
I have given the CBN approval to release the old N200 bank notes back into circulation and to allow them to circulate as legal tender alongside the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023, to April 10, 2023, when the old N200 notes cease to be legal tender, in order to further ease supply pressures, particularly for our citizens the president said.
The president said he listened to various stakeholders and consulted widely over the hardship suffered by Nigerians as a result of the weeks-long scarcity of naira notes.
He claimed that his decision to concede on the issue was influenced by their legal counsel.
I urge every citizen to work harder to make their deposits by utilizing the platforms and windows being provided by the CBN, he said, “considering the health of our economy and the legacy we must leave to the next administration and future generations of Nigerians.”
“Let me reassure Nigerians that our administration will keep an eye on the implementation to make sure they aren’t burdened unnecessarily. In this regard, the CBN will see to it that new notes are made more widely available and reachable to our people via the banks.
“I want to ask for your patience once more as we work to get through this challenging temporary phase as quickly as possible.”
The president referred to the naira redesign policy as a “positive departure from the past,” and he added that it is a “bold legacy step” taken by his administration to build a solid foundation for free and fair elections.