In a bid to ameliorate the sufferings of Nigerians, President Muhammadu Buhari has authorized the use of the old N200 note as legal tender alongside the new N200 note until April 10.
President Buhari gave his approval in a nationwide broadcast on Thursday in Abuja, following the looming social unrest and protests in some states.
Recall, the Kaduna State Governor, Malam Nasir El-Rufai, hinted at this information on Wednesday when he said some officials within the Presidency proposed that old N200 notes remain legal tender until April 10, 2023, as a step toward an out-of-court settlement in the ongoing Supreme Court case.
According to Buhari, the approval was also the result of wide consultations with relevant stakeholders, including the representatives of State Governors, and the Council of State, as well as the pronouncements of the Supreme Court.
He said: “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 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 banknote is released back into circulation and that should also be allowed to circulate as a legal tender with the new N200, N500, and N1,000 banknotes for 60 days from February 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.”
Financial Reforms
The President, after listing the benefits of the apex bank’s ongoing financial reforms, challenged citizens to make deposits of old notes using the platforms and windows provided by the CBN.
According to him, he has since directed the CBN to deploy all legitimate resources and legal means to ensure that citizens are adequately educated on the new policy, has easy access to cash withdrawals through the availability of adequate amounts of currency, and have the ability to make deposits.
He also directed the CBN to step up collaboration with anti-corruption agencies in order to thwart the activities of those determined to thwart the smooth implementation of the new Naira redesign policy.
Buhari reassured that government would continue to assess the implementation of the policy with a view to ensuring that Nigerians are not unnecessarily burdened while urging the CBN to ensure the availability of the new Naira notes across the country.
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.
