By John Ikani
President Muhammadu Buhari has given a directive to the Central Bank of Nigeria (CBN) to release old N200 notes into circulation to co-exist with the new N200, N500, and N1,000 banknotes from February 10, 2023, to April 10, 2023.
The President who issued the directive in a nationwide broadcast on Thursday, also informed Nigerians that the old N500 and N1,000 banknotes are no longer legal tender in the country.
“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 cease to be legal tender,” the president said.
In his address, President Buhari apologized for the challenges encountered in the implementation of the naira redesign policy, noting that he listened to various stakeholders and consulted widely over the hardship suffered by Nigerians as a result of the weeks-long scarcity of naira notes.
He said their counsel informed his decision to make concessions on the matter.
The President’s directive follows his appeal to Nigerians on February 3 to give him seven days to resolve the cash crunch experienced in the country.
The appeal came after the Nigeria Governors’ Forum urged him to allow all old notes to circulate in the system to ease the hardship on ordinary Nigerians.
The CBN had initially extended the deadline for the swap of old N200, N500, and N1,000 notes from January 31 to February 10, but this was further extended after numerous complaints from Nigerians.
However, the Supreme Court has held that the Federal Government, the CBN, and commercial banks must not continue with the deadline pending the determination of a notice in respect of the issue.
