President Muhammadu Buhari says the old N200 notes will remain a legal tender till April 10, 2023.
He said he had directed the Central Bank of Nigeria (CBN) to release the old N200 bank notes into circulation and that it should be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days starting February 10, 2023.
President Buhari stated this during a nationwide broadcast Thursday morning.
According to him, the decision was taken to ease the hardship Nigerians are going through as a result of the new naira policy.
The President also said 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.
He said considering the health of the nation’s economy and the legacy he must bequeath to the next administration and future generations of Nigerians, he wishes to advise every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.
Buhari said he is not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy, expressing deep pain and sympathy with Nigerians, over these unintended outcomes.
He said to stem this tide, he has directed the CBN to deploy all legitimate resources and legal means to ensure that citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.
“I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.
“During the extended phase of the deadline for currency swap, I listened to invaluable pieces of advice from well meaning citizens and institutions across the nation.
“I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made,” he said.
The President gave the assurances that his administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened, saying the CBN will ensure that the new notes become more available and accessible to citizens through the banks.
On the upcoming 2023 General Elections, President Buhari again asked Nigerians to troop out during the exercise to vote the candidates of their choice.
The President acknowledged that the new monetary policy implemented by the CBN has also contributed immensely to the minimization of the influence of money in politics.
According to him, this is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections.
He said; “Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members and I urge every citizen therefore, to go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count.
“I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. I wish us all a successful General Elections.”
