ENUGU, Nigeria (VOICE OF NAIJA) – Owing to the naira redesign policy, President Muhammadu Buhari has held a meeting with the House of Representatives ad hoc committee.
The meeting which was held on Thursday at the council chambers of the presidential villa, also had in attendance Godwin Emefiele, governor of the Central Bank of Nigeria (CBN).
At the meeting also were Alhassan Doguwa, the majority leader of the house of representatives and chair of the ad hoc committee, and Usman Baba, the Inspector-General of Police (IGP).
Voiceofnaija.ng reported that President Buhari had earlier on Thursday, announced the extension of the validity on the old N200 notes till 10 April.
In a televised nationwide address, the President said the old N1,000 and N500 notes remain redeemable at the Central Bank of Nigeria (CBN) and designated points.
Buhari directed the apex bank to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days, which is 10 April, 2023 when it will stop being legal tender.
He also instructed Nigerians to return all old N1,000 and N500 to the bank, as they are no longer a legal tender.
“To further ease the supply pressure, particularly on our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and it should also be allowed to circulate as legal tender with the new N200, N500 and N1,000 bank notes for 60 days from February 10, 2023 to April 10, 2023 when the old N200 note ceases to be legal tender,” he said.