Amid the cash crunch which has sparked chaos across Nigeria, President Muhammadu Buhari on Thursday approved the extension of the deadline for the use of the old N200 Naira notes.
The President who made this known in a nationwide address to Nigerians on Thursday morning said the old N200 will continue to be legal tender till April 10 and will circulate alongside the new N200 notes.
Buhari, however, kept mum on the Supreme Court order which had earlier said status quo should remain pending the outcome of the mega suit before it as per the extension of the CBN deadline for the old notes. Recall the apex court had ruled that the old notes: N200, N500, N1000 should remain in circulation concurrently with the new notes.
On Wednesday, the apex court adjourned the hearing to February 22, just three days to the presidential poll.
Buhari, who dodged the ongoing legal action at the Supreme Court, said the decision to extend the continuous use of N200 was reached after an exhaustive interaction with well-meaning Nigerians including State Governors as well as the Council of State.
The President made serious case on why the currency redesign will help to reduce hostage taking and ransom collection by terrorists; curb dirty money in politics, including vote-buying and inflation ahead of the crucial elections which start in nine days.
He also apologised to Nigerians over the difficulties experienced in accessing the new naira notes.
”I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respect the rule of law I have also noted that the subject matter is before the court of our land and some pronouncements had been made.
”To further ease the supply pressure particularly to our citizens, I have given approval to the CBN that the old N200 bank note be released back into circulation and that should also be allowed to circulate as a legal tender with the new N200, N500 and N1,000 bank notes for 60 days from Feb. 10, 2023 to April 10, 2023 when the old N200 ceases to be legal tender.
”In line section 20 sub-section 3 of the CBN Act 2007, all the existing old N1,000 and N500 notes remain redeemable at CBN and designated points.”
The president, who listed the advantages of the ongoing financial reforms embarked upon by the apex bank, challenged the citizens to make their deposits of the old notes by taking advantage of the platforms and windows being provided by the CBN.
According to him, he has since directed the CBN to deploy all legitimate resources and legal means to ensure that citizens are adequately educated on the new policy, enjoy easy access to cash withdrawal through availability of appropriate amount of currency and ability to make deposits.
He also directed the CBN to intensify collaboration with anti- corruption agencies in checking the activities of those who were bent on sabotaging the smooth implementation of the new Naira redesign policy.
He reassured that government would continue to assess the implementation of the policy with a view to ensuring that Nigerians are not unnecessarily burdened while urging the CBN to ensure the availability of the new Naira notes across the country.
The president, who called for more understanding from the citizens, reiterated the commitment of his administration to handover a financially stable economy to the incoming administration on May 29, 2023.
