The president announced this in a national broadcast on Thursday morning.
The president 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 ceases to be legal tender.
“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.”
Buhari reiterated the position of the CBN that that the old N500 and N1000 notes are no more legal tender and advised Nigerians to swap the affected currencies at CBN and other designated places.
This is despite a subsisting order of the Supreme Court restraining the CBN and Federal Government from phasing out the old notes by February 10.
The president said he acknowledged the hardship Nigerians were passing through as a result of the naira redesign policy, saying he had directed the Central Bank of Nigeria (CBN) to make the 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.
“Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks,” he stated.
The president noted that the monetary policy had reduced the influence of money in politics, making specific reference to the upcoming elections.
“Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics.”
“”This is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections,” Buhari added.
