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Presidency Declares Old Notes Non-Legal Tender

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CEM REPORT, FINANCE | In a move to resolve the various crisis fueled by the naira redesign policy, President Muhammadu Buhari has extended the validity of the old notes for 60 days.

President Muhammadu Buhari, in a national broadcast on Thursday morning, extend the deadline for the use of old N200 notes till April 10, 2023, while declaring that the old N500 and N1,000 notes cease to be legal tender.

The president addressed the nation following a series of protests across the country on Wednesday over the scarcity of new naira notes.

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I am addressing you as your democratically elected president to sympathise with you over the hardship being experienced as a result of the naira redesign policy.”

“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.”

Buhari, however, stated that all old N500 and N1000 yet to be deposited to banks can still be redeemed at the CBN office, adding that the decision was in the interest of Nigeria’s economy.

“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.”

Furthermore, Buhari stated that the naira scarcity being suffered by Nigerians is the fault of ‘unscrupulous officials’ in the banking industry, entrusted with the process of implementing the new monetary policy.

President Buhari said he is deeply pained by the unintended outcomes of activities caused by banking staff. He said:

“I am not unaware of the obstacles placed on the path of Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained & sincerely sympathise with you all, over these unintended outcomes.

“To stem this tide, I have directed the CBN to deploy all legitimate resources & legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through the availability of the appropriate amount of currency; & ability to make deposits.

“I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.”

The president further explained that his administration would continue to assess the implementation to ensure that Nigerians were not unnecessarily burdened. In this regard, the CBN would ensure that the new notes became more available and accessible to citizens through the banks.

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