By Linda Ike
The President of the Federal Republic of Nigeria, Muhammadu Buhari has approved reintroduction of old N200 note to continue to be a legal tender alongside the new N200 note till April 10, 2023.
Buhari gave the approval on Thursday in a nationwide broadcast on the challenges of the currency swap and state of the nation in Abuja.
He directed the Central Bank of Nigeria (CBN) to allow the circulation of the old N200 note as a legal tender with the new N200, N500, and N1000 notes for 60 days, from February 10 to April 10, 2023.
Buhari said that the directive is to cushion the hardship being experienced by Nigerians following the implementation of the new monetary policy by the CBN
The President further stated that the approval is also as a result of consultations with relevant stakeholders including the representatives of states Governors, council of states and pronouncements of supreme court.
“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.
” 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”.
Buhari said that the implementation of new monetary policies is aimed at boosting the nation’s economy and tightening of the loopholes associated with money laundering.