Buhari Finally Announces New Deadline for Validity of Old N200 Notes

Buhari Finally Announces New Deadline for Validity of Old N200 Notes

  • President Muhammadu Buhari has announced Monday, April 10, as the deadline for the use of old N200 notes
  • The president made the announcement during a national broadcast in the early hours of Thursday, February 16
  • President Buhari asked Nigerians to swap old N500 and N1000 notes at the Central Bank of Nigeria (CBN) and designated places

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State House - President Muhammadu Buhari has announced the extension of the use of the old N200 notes till April 10.

The president disclosed this in a televised nationwide address on Thursday, February 16.

President Buhari/Naira Redesign Policy/Old Naira Notes
President Buhari has extended the validity of the old N200 notes till April 10. Photo credit: Femi Adesina
Source: Facebook
“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,” the president said.

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Buhari reveals what Nigerians should do to their old N500, N1000 notes

Meanwhile, President Buhari also asked Nigerians to swap old N500 and N1000 notes at the Central Bank of Nigeria (CBN) and designated places.

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In his broadcast, Buhari acknowledged the hardship Nigerians face as a result of the naira redesign policy, saying he had directed the Central Bank of Nigeria (CBN) to make more new notes available.

“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.
“Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN," the president added.

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Godwin Emefiele directs commercial banks to make available N200 notes to Nigerians

Old Naira notes: Nigerians react to Buhari's new directive

Livinus Durugo said on Facebook:

"This policy will hit the political criminals hardest. Poor people don't hoard N1,000 and N500 notes."

Ekenedirichukwu Arodiogbu said:

"He will still eventually extend the 500 and 1000 naira notes."

Amelia Chiekwe said:

"Some people saying that he is confused is more confused than him, he is aware that politicians store 500 and 1000 notes and he is doing so to scatter their plot for voting buying."

Ozor Anthony said:

"So, Buhari is above the law? I pity lawyers who practice law in this country. Supreme Court has power only on poor Nigerians."

Jacob Ekele said:

"I don't blame him I blame those who brought him to office and still ready to vote another ancestor in again. Just know say the heat dey touch everybody.."

Ifechukwu Mbanefo said:

"Oh Lord help our dear country (Nigeria), people are really suffering "

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CBN opens portal for Nigerians to return old Naira notes being rejected by commercial banks

Earlier, Legit.ng reported that the CBN told Nigerians who still have the notes to visit any of its branches across the country to deposit them.

On Monday, February 13, 2023, Haladu Idris Andaza, CBN's Branch Controller in Bauchi, informed the press that, despite a pending Supreme Court ruling, the old naira notes were no longer legal tender from February 10, 2023.

He, however, reiterated the promise from Godwin Emefiele that no Nigerian would lose their money.

Source: Legit.ng

Authors:
Nurudeen Lawal avatar

Nurudeen Lawal (Head of Politics and Current Affairs Desk) Nurudeen Lawal is an AFP-certified journalist with a wealth of experience spanning over 8 years. He received his B/Arts degree in Literature-in-English from OAU. Lawal is the Head of the Politics/CA Desk at Legit.ng, where he applies his expertise to provide incisive coverage of events. He was named the Political Desk Head of the Year (Nigeria Media Nite-Out Award 2023). He is also a certified fact-checker (Dubawa fellowship, 2020). Contact him at lawal.nurudeen@corp.legit.ng or +2347057737768.

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