posted February 16, 2023
Amidst nationwide cash crunch resulting from the sudden Naira redesign and distribution debacle which has caused untold hardship to Nigerians, President Muhammadu Buhari finally responded in a national broadcast approving the continued use of the old N200 notes as a legal tender till April 10.
Recall that www.ddnewsonline.com had broken the news of the President’s national broadcast.
Addressing the nation on Thursday morning, President Buhari said that the old 200 Naira Note will still remain a legal tender in the country for the next 60 days while the old 500 and 1000 Naira Notes cease to be valid.
He said, “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 cease to be legal tender.”
Though the Supreme Court ruling had halted the initial February 10 deadline given by the Central Bank of Nigeria, the latest directive by President Buhari discountenances that apex court ruling, as only the old N200n notes have a 60-day breather to co-exist with the new N500 and N1000 before it ceases to be a legal tender.