President Buhari extends validity of old 200 naira notes till April 10 as N500, N1000 no longer legal tender

The nation has been thrown into confusion for some days with spontaneous reactions from the citizens arising from hardships caused by scarcity of fuel and the shortage of the new naira notes. Banks have been attacked and casualties recorded.

There have been different interpretations of the implementation of the policy leading to more confusion even as Nigeria approaches the 2023 general elections. The citizens therefore looked forward to the broadcast of the President, Thursday morning with great expectations.

President Muhammadu Buhari during the broadcast has ordered the extension of the validity of old 200 naira notes by 60 days.

The President made the disclosure on Thursday while addressing Nigerians in a nationwide broadcast on the recent implementation of the redesigned naira notes which has led to the scarcity of the notes.

ADVERTISEMENT

In his words, the president said “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.”

“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.

” Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics.

“This is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections” ValidViewNetwork reports.