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The validity of the old N200 note was on Thursday extended until April 10, 2023, by President Muhammadu Buhari.
Making this known In his address to the nation, President Buhari said, "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 banknotes 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.
“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.”
While listing the advantages of the ongoing financial reforms embarked upon by the apex bank, President Buhari challenged the citizens to make their deposits of the old notes by taking advantage of the platforms and windows being provided by the CBN.
President Buhari further revealed that the CBN has since been directed 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 the availability of appropriate amounts of currency and have the ability to make deposits.
The president equally ordered 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 gave the assurance that the 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.
President Buhari, who requested more understanding from the citizens, reiterated the commitment of his administration to hand over a financially stable economy to the incoming administration on May 29, 2023.
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