Stephen Ukandu, Umuahia
President Muhammadu Buhari, has approved the continuous use of the old N200 notes along side the new currencies until April 10.
This, according to the President who addressed the nation Thursday morning, is to ease the difficulties associated with the re-designed currency which is yet to circulate well.
The President also gave reasons for supporting the Naira re-design policy of the Central Bank of Nigeria, CBN, saying it is aimed at strengthening the economy.
“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,” Buhari said.
He insisted that the old N500 and N1000 notes could only be deposited at the CBN following the guidelines already provided by the apex bank.
“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 acknowledged the challenges associated with the new policy but noted that some gains had already been recorded, and urged Nigerians to be patient with CBN.
“Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative.
“I have been reliably informed that since the commencement of this programme, about N2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved.”