Kunle Adelabu
President Muhammadu Buhari, today, ordered the Central Bank of Nigeria (CBN) to allow the old 200 naira note and the new 200, 500 and 1000 naira notes to coexist.
Buhari gave the directive in a national broadcast on the challenges of the currency swap and state of the nation, aired on national stations, earlier this morning.
According to the President, only the 200 old naira notes will continue to be legal tender till Monday, April 10.
“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 Feb. 10, 2023 to April 10 2023″, Buhari said.
He also said that citizens with the old N1000, and N500 notes can only redeem them at the CBN and other designated points.
Buhari added that his administration will continue to monitor the implementation of the policy so as not to make Nigerians suffer.
“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”, the President said.
“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.
“Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.
“I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time”, he said.
It has been a terrible experience for Nigerians since the policy of the CBN came into force due to the scarcity of both the new and old naira notes, a development which has also affected businesses.
Many banks have been shut for weeks while others are only operating skeletally.
There has also been crises in some parts of the country as the scarcity of naira prevented many from earning their daily livelihood.
