President Muhammad Buhari has directed the CBN to release the old #200 note back to circulate with the new Naira notes as legal tender for sixty days.
The President, who gave the directive Thursday morning in a nationwide Television and Radio broadcast to the nation, said the extension will take effect from the 10th of February 2023 to the 10th of April 2023 when the old note will cease to be a legal tender.
The measure, according to the President, was to further ease the supply pressure particularly on Nigerians.
The President, however said, all existing #1000 and #500 notes remain redeemable at the CBN designated points.
He sympathized with the citizens over the difficulties being experienced following the introduction of the new monetary policies which, according to him, were aimed at boosting the economy and tightening all loopholes associated with money laundering.
Buhari also noted with concern the obstacles placed on innocent Nigerians by unscrupulous officials in the banking industry and directed the CBN to deploy all legitimate means to ensure that Nigerians have easy access to cash withdrawals and deposits.
“The CBN is also to intensify collaboration with anti-corruption Agencies to ensure that Institutions or persons found to have impeded or sabotaged the implementation be made to bear the full weight of the law”, he said.
The President observed that from the beginning of the implementation of the policy to date about 2.1 Trillion Naira previously held outside the banking system which represents about eighty percent of such funds, have been successfully retrieved.
In addition, he noted, the new monetary policy has 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”, the President added.
Buhari, therefore, urged Nigerians to come out and vote for their candidates of choice without fear as adequate security will be provided and and assured them that their votes will count.
He, however, urged them to eschew violence capable of destroying the electoral process.