Due to the difficulty faced by Nigerians in the quest to get the newly redesigned naira notes, President Muhammadu Buhari has approved the reintroduction of the old N200 note as legal tender alongside the new N200 note up until April 10, 2023.
This was made public on Thursday (16 Feb. 2023) by the president who gave the approval in a nationwide broadcast in Abuja.
He said the approval was necessitated by the need to cushion the hardship experienced by citizens following the implementation of the new monetary policy of the Central Bank of Nigeria (CBN).
Mr. President disclosed that extensive talks with key stakeholders also contributed to the approval.
”I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that disrespects rule of law, I have also noted that the subject matter is before the court of our land and some pronouncements had been made.
”To further ease the supply pressure particularly to our citizens, I have given approval to the CBN that the old N200 bank note be released back into circulation and that should also be allowed to circulate as a legal tender with the new N200, N500 and N1,000 bank notes for 60 days from Feb. 10, 2023 to April 10, 2023 when the old N200 ceases to be legal tender.
”In line section 20 sub-section 3 of the CBN Act 2007, all the existing old N1,000 and N500 notes remain redeemable at CBN and designated points.”
The president challenged the populace to make their deposits of the old notes using the platforms and windows being offered by the CBN after listing the benefits of the current financial reforms being carried out by the apex bank.
He claims that he has now ordered the CBN to use all acceptable tools and legal methods to make sure that people are properly informed about the new policy, have easy access to cash withdrawals by having access to the right quantity of money, and have the opportunity to make deposits.
He also instructed the CBN to work more closely with anti-corruption agencies to prevent those obstructing the effective execution of the new Naira redesign strategy.
He promised that the government would keep an eye on how the program was being implemented to make sure that Nigerians weren’t being overburdened, and he urged the CBN to make sure that the new Naira notes were available all around the nation.
The president, who called for more understanding from the citizens, reiterated the commitment of his administration to hand over a financially stable economy to the incoming administration on May 29, 2023.
Ref: NAN
