President of Nigeria Muhammadu Buhari instructed the Central Bank of Nigeria (CBN) on Thursday to permit the coexistence of the old 200 naira notes and the redesigned 200, 500, and 1000 naira notes.
In a national broadcast that was broadcast on national networks, Buhari handed CBN the order.
The old 200, 500, and 1000 naira notes will remain valid until April 10th, according to the president.
The old N200 bank notes should be put back into circulation, and they should be permitted to circulate as legal tender alongside the new N200, N500, and N1000 banknotes for 60 days between February 10, 2023, and April 10, 2023, Buhari added.
All current old N1000 and N500 notes are still redeemable at the CBN and other approved locations, in accordance with Section 20(3) of the CBN Act 2007.
Buhari granted the Central Bank of Nigeria’s request to revamp the Nigerian currency notes in October 2022. The old naira notes will be phased out by the end of January 2023. Later, he extended the deadline till February 10th.
Prior to the CBN’s notification to businesses to stop accepting old naira notes expiring, the Supreme Court issued a decision suspending the deadline.
The implementation of the Naira redesign program, which resulted in a shortage of cash, severely impacted businesses, commercial services, and individuals. This culminated in violent protests and bank attacks by citizens in several parts of Nigeria.
In the midst of the rage and frustration, CBN announced on February 14 that the old N200, N500, and N1000 notes will no longer be accepted as legal tender in Nigeria as of Friday, February 10, 2023.
Buhari did, however, express sympathy for Nigerians’ challenges in obtaining the new Naira notes during his national address.
Let me reassure Nigerians that our administration will continue to monitor the implementation to make sure they are not overburdened, Buhari added. The CBN will make sure that new notes are more widely available and accessible to our citizens through the banks in this regard.
He stated that the redesign of the Naira was intended to reduce inflation and corruption while enhancing cash flow transparency to all areas of the Nigerian economy.