President of Nigeria, Muhammadu Buhari has extended the validity of the old N200 notes till April 10, 2023. 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 cease to be legal tender.”
“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.”
The shortage of new Naira bills in Nigeria has resulted in extended wait times at banks and ATMs, and in some regions, it has incited demonstrations.
Initially, the Central Bank of Nigeria set a deadline of January 31 for the usage of old notes, which was subsequently postponed to February 10.
However, on February 8, the supreme court issued a temporary ban on the government’s plan to disallow the use of old notes until a hearing on February 15.
Nevertheless, the CBN governor disregarded the court’s ruling, causing uncertainty for vendors who continued to refuse old notes, sparking unrest and violence resulting in the destruction of banks and fatalities in several states.