Buhari Instructs Cbn To Make The Old 200 Naira Notes Available Alongside The New Ones.
President of Nigeria Muhammadu Buhari instructed the Central Bank of Nigeria (CBN) on Thursday to permit the coexistence of the old 200 naira notes and the redesigned 200, 500, and 1000 naira notes.
In a nationwide broadcast that was carried on national networks, Buhari handed CBN the order.
Just the 200-old-naira notes will remain legal money until Monday, April 10, according to the president.
The old N200 bank notes should be put back into circulation, and they should be permitted to circulate as legal money alongside the new N200, N500, and N1000 banknotes for 60 days between February 10, 2023, and April 10, 2023, Buhari added.
The current old N1000 and N500 notes are still redeemable at the CBN and other approved locations, in accordance with Section 20(3) of the CBN Act 2007.
Buhari granted the Central Bank of Nigeria’s proposal to revamp the Nigerian currency notes in October 2022. The existing naira notes will be phased out by the end of January 2023. Then, he extended the deadline till February 10th.
Prior to the CBN’s notification to businesses to cease accepting old naira notes expiring, the Supreme Court issued a decision suspending the deadline.
The implementation of the Naira redesign program, which resulted in a scarcity of currency, severely impacted businesses, commercial services, and people. This culminated in violent demonstrations and bank attacks by citizens in several areas of Nigeria.
In the midst of the rage and despair, CBN announced on February 14 that the old N200, N500, and N1000 notes will no longer be accepted as legal money in Nigeria as of Friday, February 10, 2023.
Buhari did, however, express sympathy for Nigerians’ challenges in obtaining the new Naira notes during his national address.
Let me reassure Nigerians that our administration will continue to monitor the implementation to make sure they are not overburdened, Buhari added. The CBN will make sure that fresh notes are more widely available and accessible to our people via the banks in this respect.
He stated that the redesign of the Naira was intended to reduce inflation and corruption while enhancing cash flow transparency to all areas of the Nigerian economy.
