JUST IN: Only Old N200 Note Valid Till April 10, Says Buhari

Nigeria’s President Muhammadu Buhari has extended the validity of the old N200 notes till April 10, 2023.

Buhari Extends Validity Of Old N200 Note

Buhari announced this in a national broadcast on Thursday morning.

“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 cease 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.”

Since the new naira notes were introduced, Nigerians have been battling scarcity of the notes.

The development has resulted in long queues at banking halls, and Automated Teller Machines (ATM) points.

Following this difficulty, there have been protests in some parts of the country due to the scarcity of the new naira notes.

Kanyi Daily reported that 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 due to a nationwide outcry by citizens.

Recall that the Supreme Court, on February 8, 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.