President Muhammadu Buhari has nullified the old ₦1000 and ₦500 notes as legal tender while also extending the expiration of the old ₦200 note to April 10, 2022.
The president disclosed this during a nationwide broadcast on the old and new Naira swap deadline today, February 16, 2023 in Abuja. He explained that the old ₦200 notes shall continue to be used alongside the newly designed notes until April 10, 2023, while also directing that all the old ₦1000 and ₦500 banknotes are eligible for deposit under Section 20, Subsection 3 of the CBN Act 2007.
His words, “Let me assure Nigerians that our administration will continue to assess the implementation to ensure 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.” He disclosed that as there were records of illicit financial transfers occurring frequently, the implementation of these measures becomes imperative as it was done to ensure a free and fair electoral process and to combat corruption. The president assured Nigerians of his sympathy and made a call for patience as the nation undergoes this trying time.
Notably, the address by the President is expected to douse tension and anguish meted out to ordinary Nigerians who had suffered immeasurably over the non-acceptance of the old notes by some institutions and people in various marketplaces. It is no longer news that the rejection of the old Naira notes has continued to trigger violent protests and mayhem across the country. For example, Delta, Edo, Ondo, Oyo, Kwara, and Benue states experienced violent protests that led to vandalisation of properties and casualties. Recall that the apex court, sitting in Abuja, yesterday, Wednesday, 15, 2023, maintained its anti-deadline order, thereby suspending the ban on the old and new Naira deadline.
