BY CHIKA OKEKE, Abuja
Moved to douse the tension of Nigerians triggered by the introduction of redesigned naira, President Muhammadu Buhari has disclosed that the old N200 notes would be valid for more 60 days.
This implies that beginning from Thursday, February 16, 2023, that the old N200 notes would remain a legal tender until Monday, April 10. 2023.
At a nationwide broadcast on Thursday in Abuja. Buhari approved the reintroduction of the old N200 alongside the new N200 notes.
He noted that the approval was necessitated in order to ameliorate the sufferings caused by the implementation of the new monetary policy of the Central Bank of Nigeria (CBN).
Buhari disclosed that after wide consultations with the representatives of state sovernors and the Council of State, that the approval became necessary.
He stated that as an administration that respects the rule of law, that some judges had made pronouncement on the naira tussle which is presently before the court.
At least, 10 states of Lagos, Cross River, Ogun, Ekiti, Ondo, Sokoto, Kaduna, Kogi, Zamfara and Rivers had initiated legal battle against the Federal Government over the naira swap policy of the CBN.
Buhari added: ”To further ease the supply pressure particularly to our citizens, I have given approval to the CBN that the old N200 bank note 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 bank notes for 60 days from February 10, 2023 to April 10, 2023 when the old N200 ceases to be legal tender.
”In line with 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 encouraged Nigerians to deposit the old notes through the designated platforms and windows created by the apex bank.
He said that he had directed the CBN to deploy all legitimate resources and legal means to enlighten Nigerians on the new policy.
This is even as he ordered the apex bank to restrategise with anti- corruption agencies in checking the activities of saboteurs that resolved to frustrate the smooth implementation of the new naira redesigned policy.
The President promised to continuously monitor the implementation of the policy, just as he pleaded with the CBN to avail Nigerians access to the new naira notes.
While begging Nigerians to be patient, he assured that his administration would handover a financially stable economy to the incoming administration on May 29, 2023.
President Buhari had on Wednesday, November 23, 2022, unveiled the redesigned naira notes in line with the cashless policy of the CBN.
In additionm the CBN pegged the minimum cash withdrawal for individuals and organisations to N100, 000 and N500,000 weekly from over the counter, Point of Sale Machines or the Automated Teller Machines.
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