President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to release old N200 notes back into circulation to co-exist with new N200, N500, and N1,000 banknotes for 60 days. This move comes after the President apologized to Nigerians over the difficulty experienced in the implementation of the naira redesign policy.
In a nationwide broadcast on Thursday, President Buhari directed the CBN to allow the new notes to be available to all citizens. He stated, “To further ease the supply pressure, particularly on our citizens, I have given approval to the CBN that the old N200 banknotes be released back into circulation and it should also be allowed to circulate as legal tender with the new N200, N500, and N1,000 banknotes for 60 days from February 10, 2023 to April 10, 2023 when the old N200 note ceases to be legal tender.”
The President also made it clear that the old N500 and N1,000 banknotes are no longer legal tender in Nigeria. This directive is aimed at addressing the cash crunch that has caused hardship for ordinary Nigerians in recent weeks.
The Nigeria Governors’ Forum had earlier urged President Buhari to allow all old notes to circulate in the system to ease the hardship on Nigerians. On February 3, the President had appealed to Nigerians to give him seven days to resolve the cash crunch. 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. However, the Supreme Court held that the Federal Government, the CBN, and commercial banks must not continue with the deadline pending the determination of a notice in respect of the issue.
The President’s directive is expected to bring some relief to Nigerians who have been struggling to access cash due to the shortage of new banknotes. The CBN is expected to release the old N200 notes back into circulation in the coming days.
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Joseph Omoniyi
