The President Muhammadu Buhari has said that the old N200 notes would remain legal tender until 10 April, 2023.
But the N500 and N1,000 banknotes are no longer legal tender in the country, the president said.
The president revealed this while addressing the nation on Thursday morning.
Buhari apologized to Nigerians over the difficulties experienced in accessing the scarce new naira notes.
“I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy.
” I am deeply pained and sincerely sympathise with you all, over these unintended outcomes” he added
He stated that the old N200 note will now be legal tender for the next 60 days, till April 10, 2022.
“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.”
The president recounted the success the naira redesign has brought thus far.
“The proportion of currency outside the banks grew from 78%in 2015 to 85% in 2022”
“As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation”
This according to him, represents about 80% of funds.
He said that since the commencement of the policy, about N2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved.
The president added that in order to reduce the burden faced by Nigerians, he has directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amounts of currency; and ability to make deposits.
President Buhari then urged every citizen, to go out to vote for their candidates of choice without fear. He promised a well secured, free and fair election .
He however admonish citizens to eschew violence and avoid actions capable of disrupting the electoral processes.
