President Muhammadu Buhari has declared that old N500 and N1000 banknotes are no longer legal tender in Nigeria and that only the old N200 Naira notes will still be in circulation till 10th of April 2023.
President Buhari said he has granted approval to the Central Bank of Nigeria (CBN) to reintroduce the old N200 note as legal tender alongside the new N200 note until April 10.
The president, who gave the approval in a nationwide broadcast on Thursday in Abuja, said the approval was necessitated by the need to cushion the hardship being experienced by citizens following the implementation of the new monetary policy of the CBN.
The Nigerian leader revealed that the approval was also as a result of wide consultations with relevant stakeholders including the representatives of State Governors, Council of State as well as the pronouncements of the Supreme Court.
“I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respect the rule of law I have also noted that the subject matter is before the court of our land and some pronouncements had been made.”
“To further ease the supply pressure particularly to our citizens, I have given approval to the CBN that the old N200 banknote be released back into circulation and that should also be allowed to circulate as a legal tender with the new N200, N500 and N1,000 banknotes for 60 days from Feb. 10, 2023 to April 10, 2023 when the old N200 ceases to be legal tender.”
“In line section 20 sub-section 3 of the CBN Act 2007, all the existing old N1,000 and N500 notes remain redeemable at CBN and designated points.”
The president, who listed the advantages of the ongoing financial reforms embarked upon by the apex bank, challenged the citizens to make their deposits of the old notes by taking advantage of the platforms and windows being provided by the CBN.
According to him, he has since directed the CBN to deploy all legitimate resources and legal means to ensure that citizens are adequately educated on the new policy, enjoy easy access to cash withdrawal through availability of appropriate amount of currency and ability to make deposits.
He also directed the CBN to intensify collaboration with anti- corruption agencies in checking the activities of those who were bent on sabotaging the smooth implementation of the new Naira redesign policy.
He reassured that government would continue to assess the implementation of the policy with a view to ensuring that Nigerians are not unnecessarily burdened while urging the CBN to ensure the availability of the new Naira notes across the country.
The president, who called for more understanding from the citizens, reiterated the commitment of his administration to handover a financially stable economy to the incoming administration on May 29, 2023.
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