President Muhammadu Buhari has declared that the period of the old N200 note as a legal tender has been extended to April 10, 2023.
This is as he announced that old N500 and N1000 notes are no longer acceptable.
The president made the declarations on Thursday in a nationwide broadcast on the Naira redesigned policy of the country.
He said the decisions were taken after he had consulted widely and taken pieces of advice from well-meaning Nigerians on the new policy, especially in view of the hardship faced by Nigerians.
His words: “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.
“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 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.”
Expressing agony over the pains Nigerians had gone through in view of the policy, he said, “I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.”
He said to stem the tide, he had directed the Central Bank of Nigeria, CBN, to deploy all legitimate resources and legal means to ensure that Nigerians were adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.
He said he had similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.”
