President Muhammadu Buhari has ordered the Central Bank Governor, CBN, Godwin Emefiele to allow the old N200 (two hundred naira note) to circulate till April 10, 2023 when it will cease to be legal tender.
Buhari made the directive on Thursday during his live broadcast on Channeles TV. He stated that old 200 naira note should circulate with the new 500 and 1000 notes.
President Muhammadu Buhari is considering directing the Central Bank of Nigeria (CBN) to allow only the old N200 remain legal tender until April 10, 2023, in order to improve currency circulation in the country and ease pains experienced by Nigerians due to the decision to retire some denominations of the old banknotes after a currency redesign project.
He equally directed CBN to provide a means of allowing Nigerian citizens to withdraw their money. Buhari also told CBN to collaborate with security agents and anti-corruption agents to ensure that no one sabotages the efforts of the Federal government.
Kaduna State Government, Nasir El-Rufai, who confirmed the move by the president, also said there were talks for an out-of-court settlement of the currency imbroglio. Article continues after this Ads
However, contrary to the position of the Nigeria Governors Forum (NGF), Bayelsa and Edo states, yesterday, appeared as co-defendants with the federal government in the suit challenging the move by the Central Bank of Nigeria (CBN) to retire the use of the old N200, N500 and N1, 000.