Friday, June 14, 2024

Buhari Declares Old N200 Notes Legal Tender Till April 10, Orders CBN to Recirculate Them

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President Buhari has announced the extension of the use of old N200 notes for an additional 60 days, in a bid to ease the current supply pressures faced by Nigerians due to the recent naira redesign policy. The policy, which involved introducing new Naira notes, has led to weeks-long scarcity of naira notes, leaving many Nigerians struggling to access cash for their daily needs.

In a nationwide address on Thursday, the president acknowledged the adverse impact of the naira redesign policy on Nigerians and stated that he had consulted widely with stakeholders before making the decision to extend the use of the old N200 notes. He also assured Nigerians that all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.

The president further urged Nigerians to take advantage of the platforms and windows being provided by the CBN to make their deposits, in order to support the health of the economy and secure a strong legacy for future generations. He promised that his administration would continue to assess the implementation of the naira redesign policy to ensure that Nigerians are not unnecessarily burdened and that new notes become more accessible to citizens through the banks.

The naira redesign policy, according to the president, represents a positive departure from the past and a bold legacy step towards laying a strong foundation for free and fair elections in the country. With the extension of the use of old N200 notes, the president hopes to further ease the supply pressures faced by Nigerians and encourage more efficient use of the new Naira notes.

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