Residents Of Lagos Find Great Relief With The Return Of Old N200 Notes.

A wide range of Lagos citizens have said that the old N200 note’s validity extension has given them some relief.

The introduction of the revised N200, N500, and N1,000 notes into circulation was announced by the Central Bank of Nigeria (CBN) on October 26, 2022.

The new notes entered circulation on December 15, but Nigerians have had trouble using them at bank ATM locations since then.

The previous N200 note will be legal currency until April 10 according to President Muhammadu Buhari, who said this in a nationwide broadcast on February 16.

Buhari expressed sympathy for Nigerians’ challenges in using the new Naira notes and promised that his administration would continue to monitor the application of the cash exchange scheme.

He claims that the prolongation would prevent Nigerians from being overburdened.

Following the government decision, the majority of banks’ ATMs were stocked with the old N200 notes, according to News Agency of Nigeria (NAN) reporters who verified the situation in the mainland and island parts of Lagos.

Also, they applauded the government’s order declaring the old N200 notes legal money until April 10.

To ease strain on economic operations, they pleaded with the government to reevaluate its stance on the N500 and N1,000 bills.

Although old N200 notes were still widely used and trading was still going on, many people lacked the technical know-how to deposit old N500 and N1,000 notes, according to merchant Mr. Isioma Okebunor.

NAN remembers that the CBN had instructed that before depositing the old notes up to N500,000, an electronic form be completed on their website.