President Buhari Approves Old 200 Naira Amidst Other Notes – Here’s Why

President Buhari Approves 200 Naira Legal, Amidst Other Notes

According to Mr president, he said the old 200 Naira notes should be released by the CBN and it will be valid until April 10th, 2023. In a press release statement made by the Commander in Chief of the armed forces. President Muhammadu Buhari further declared that, the old 500 and 1000 Naira notes ceases to be a legal tender. He there by urges all Nigerians to return all old 500 and 1000 Naira notes to the CBN and all it designated points.

President Buhari Approves Old 200 Naira

Nigerians believe that this will help reduce the rate of vote buying during election, the General election is fast approaching and is set to take place on the 25th of February, 2023. In addition to this, He also assured Nigerians that there will be adequate security on election day.

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Full text of his Buhari speech on Old Naira Notes

I have found it necessary to address you today, on the state of the nation and to render account on the efforts of our administration to sustain and strengthen our economy, enhance the fight against corruption and sustain our gains in the fight against terrorism and insecurity which has, undoubtedly, been impacted by several internal and external factors.

2. Particularly, I am addressing you, as your democratically elected President, to identify with you and express my sympathy, over the difficulties being experienced as we continue the implementation of new monetary policies, aimed at boosting our economy and tightening of the loopholes associated with money laundering

3. Let me re-assure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priority of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times.

4. In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.

5. For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till 31 January 2023, before the old notes, cease to be legal tender.

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