President Muhammadu Buhari has approved the extension of the validity of outdated 200 naira notes by 60 days.
The President made the announcement on Thursday during a nationwide broadcast to Nigerians about the recent implementation of the redesigned naira policy, which has resulted in a scarcity of the notes.
“I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also 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,” he said.
“All current old N1000 and N500 notes remain redeemable at the CBN and designated points, in accordance with Section 20(3) of the CBN Act 2007.” Considering the state of our economy and the legacy we must leave to the next administration and future generations of Nigerians, I urge every citizen to work harder to make deposits by utilizing the CBN’s platforms and windows.
“Let me assure Nigerians that our government will continue to review the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this context, the CBN would make fresh notes more widely available and accessible to our citizens through banks.
“I wish to once again appeal for your understanding till we overcome this difficult transient phase within the shortest feasible time.
” Fellow citizens, on February 25th, 2023, the nation will elect a new President and National Assembly members. I am aware that this new monetary policy has also greatly contributed to the reduction of money’s power in politics.
“This is a positive departure from the past and symbolizes this administration’s bold legacy step toward establishing a strong foundation for free and fair elections.”
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