Buhari noted that he had directed the Central Bank of Nigeria to ensure that all is done to make the redesigned notes accessible to the public.
By Jeffrey Agbo
President Muhammadu Buhari on Thursday announced that the old N200 notes will remain legal tender until April 10, 2023.
Buhari stated this during an address to Nigerians, apologising to all for the difficulties experienced in accessing the scarce new naira notes.
The President said the old N500 and N1,000 notes stopped being legal tender on February 10, adding that they can be returned only through the Central Bank of Nigeria.
He said, “During the extended phase of the deadline for currency swap, I listened to invaluable pieces of advice from well-meaning citizens and institutions across the nation.
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“I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made.
“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 cease to be legal tender.”
Buhari noted that he had directed the Central Bank of Nigeria to ensure that all is done to make the redesigned notes accessible to the public.
He also berated bankers who are hoarding the new notes and frustrating the efforts of the CBN to seamlessly implement the redesigned naira policy.