President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to release the old N200 banknotes back into circulation and should 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 note will cease to be legal tender.
The President announced this during a Nationwide broadcast to the Nation on Thursday morning.
The President who expressed sympathy with Nigerians over the current cash crunch explained that since the commencement of the currency note swap, about N2.1 trillion of the old banknotes previously held outside the banking system, have been mopped up.
He also directed the CBN to deploy all legitimate resources and legal means to ensure that citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through the availability of appropriate volumes of currency; and ability to make deposits.
Also Read: Full Text of National Broadcast: President Buhari approves use of old and new N200 notes till April 10
He directed that the CBN intensify collaboration with anti-corruption agencies, so as to ensure that any institution or persons found to have impeded or sabotaged the implementation be made to bear the full weight of the law.
Buhari said the new currency policy has also contributed immensely to a considerable reduction in the influence of money in the countdown to the general election.
He described it as a positive departure from the past and represents a bold step by his administration, toward laying a strong foundation for free and fair elections.
The Nigerian leader urged Nigerians to go out to vote for candidates of their choice without fear promising security shall be provided and votes will count.
Editor Oloyede Oworu
