By NewsBits
Nigeria President Mohammadu Buhari in a nationwide broadcast on Thursday said the Central Bank of Nigeria (CBN) would allow extension of N200 note as a legal tender status till April 10, while the other redesigned currency notes of N500 and N1000 has ceased to be legal tender.
In a nationwide speech, the president said both the old and new N200 banknote will be allowed to circulate side by side until April while the higher denomination will now be accepted as deposit at the CBN branches across the nation.
“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 ceases 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,” the president said in his speech.
The President had on February 3 appealed to Nigerians to give him seven days to resolve the cash crunch after the Nigeria Governors’ Forum urged him to allow all old notes to circulate in the system to ease the hardship on ordinary Nigerians.
The CBN had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians but the Supreme Court held that the Federal Government, the CBN, commercial banks must not continue with the deadline pending the determination of a notice in respect of the issue.
