President Muhammadu Buhari orders CBN to release the old N200 note into circulation until April 10, 2023, when it will stop being legal tender. He says Nigerians should return all old N1,000 and N500 to the bank.
The president announced this in a national broadcast on Thursday Monday.
“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.”
“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.”
Nigerians have been battling with the scarcity of new naira notes— a development that has led to queues at banking halls, and automated teller machine (ATM) points.
There have been protests in some parts of the country due to the scarcity of new naira notes.
The Central Bank of Nigeria (CBN) had given a deadline of January 31 for the use of old naira notes — but it extended it to February 10.
On February 8, the supreme court temporarily restrained the federal government from banning the use of the old naira notes from February 10, 2023, pending the hearing of the matter on February 15.
Despite the court’s order, Emefiele insisted on the deadline.
The stance of the CBN governor has triggered confusion as filling stations, supermarkets, and other business owners have continued to reject the old naira notes.
On Wednesday, there were protests across the country as banks were destroyed while security operatives reportedly gunned down some persons in Edo State.
Among states were there was crisis are Oyo, Ondo, Kwara, Edo, Benue and Delta.
There are indications that the president would address the issue of the naira scarcity in his speech to Nigerians as against statements issued by his media team.
The president usually address the nation on occasions like Independence Day, Democracy Day, and a few others.