President Muhammadu Buhari on Thursday morning extended the validity of the old N200 notes till April 10, 2023.
Buhari stated this during a national broadcast following a protests held across the country on Wednesday over the scarcity of new naira notes.
The president said he urged Central Bank of Nigeria (CBN) to print more old N200 note alongside the new one saying Nigerians should return the old N500 and N1000 to the banks.
He disclosed that “I am addressing you as your democratically elected president to sympathise with you over the hardship being experienced as a result of the naira redesign policy.”
“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.”
President Buhari however stated that all old N500 and N1000 yet to be deposited to banks can still be redeemed at the CBN office, adding that the decision was in the interest of Nigeria’s economy.
He added: “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.”