President Muhammadu Buhari, in a national broadcast on Thursday morning, extended the validity of the old N200 notes till April 10, 2023. The president addressed the nation following a series of protests across the country on Wednesday over scarcity of new naira notes.
“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 declared.
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 for the interest of Nigeria’s economy.
He added: “17. 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.”
On Wednesday, the Supreme Court adjourned a suit filed by Kaduna, Zamfara and Kogi States against the Federal Government over the naira redesign policy to February 22.
This was sequel to the apex courts earlier order, restraining the Federal government and the CBN against implementation of the earlier currency swap deadline of February 10. However, seven other states have joined the plaintiffs in the suits while Edo and Bayelsa States also applied for a joinder with Federal government as respondents, in support of the CBN policies.