President Muhammadu Buhari has approved a sixty day extension for the use of the old N200 Naira note concurrently with the new ones, from February 10 to April 10, 2023..
He conveyed his approval to Nigerians in a nationwide broadcast on Thursday.
Recall that the President has earlier approved an extension of the nation’s currency swap from January 31st to February 10 but the prevailing circumstances have now led to another extension.
Giving reasons for the new extension, the President 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.
“I similarly consulted widely with representatives of State Governors and 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 Central Bank of Nigeria (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.”
The President however said the old N500 and N1000 notes can be redeemed at the Central Bank of Nigeria and other designated points within the sixty day window.
“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.
“Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN,” he said.
He assured citizens of government’s commitment towards ensuring that they do not face further hardships associated with access to the new currency.
“Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.
“I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time,” he added.
Confidence Okwuchi
