Buhari extends lifespan of old N200 notes until April 30 in response to nationwide protests

PRESIDENT Muhammadu Buhari has approved the restoration of the old N200 notes as legal tender until April 10 in response to the growing unrest across the country brought about by a scarcity of naira notes.

On November 23 last year, the Central Bank of Nigeria (CBN) launched redesigned ₦‎200, ₦‎500 and ₦‎1000 banknotes, saying the naira was long overdue to wear a new look. Nigerians had been given until January 31 to hand in all old notes, after which time they will cease to be legal tender but the process has been fraught with difficulties, prompting the National Assembly to ask the CBN to extend the deadline.

Across the country,  the last few weeks have been sheer hell for Nigerians as they have found it impossible to get hold of these new notes and this currency scarcity has created shortages in other areas, with petrol shortages now a chronic problem too. Under pressure from all angles, CBN chairman Godwin Emefiele announced a new deadline is now February 10.

However, this too proved inadequate, forcing three state governments to take the federal government to court over the matter. Last week, ruling in a case filed by the Kaduna, Kogi and Zamfara state governments, Nigeria's Supreme Court ordered the CBN not to end the use of old naira notes on the February 10 deadline it had previously set.

Caught between a rock and a hard place, President Buhari was unsure about what to do and may earlier this week, he said his government would make an announcement on the matter today. Forced to wade into the crisis as protests broke out across the country, President Buhari delivered a nationwide address this morning in which he extended the life of the old N200 notes.

President Buhari said: “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. It should also be allowed to circulate as legal tender with the new N200, N500, and N1,000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes cease to be legal tender.

“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. Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened.

"In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks. I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.”