In a bid to alleviate the supply strain on Nigerians, President Muhammadu Buhari has authorized the usage of old ₦200 notes as legal tender until April 10, 2023.
During a national broadcast on Thursday morning, the president disclosed that he had granted the Central Bank of Nigeria (CBN) approval to allow the old ₦200 banknotes to be put back into circulation and used as legal tender alongside the new ₦200, ₦500, and ₦1000 banknotes for a period of 60 days starting from February 10, 2023.
This decision was made to ease the confusion and chaos caused by the ongoing demonetisation process in Nigeria, which has left individuals and businesses rejecting old Naira notes despite a nationwide shortage of new ones.
To this bid, the CBN has launched a Cash Deposit Program portal to redeem old currency, which may take up to four weeks. Individuals must generate a reference code and have an active bank account, bank verification number, and valid national identity card to participate.
While the president’s decision may alleviate some of the difficulties faced by Nigerians, it is important to note that this issue is rooted in a broader economic crisis affecting the country. The president highlighted. Under the program, unlike the Cash Swap Program, individuals will not receive new notes in exchange for old ones. Instead, their bank accounts will be credited after their accounts are validated by the bank and law enforcement agencies. Deposit notes will be returned to invalidated accounts. This process may take up to four weeks, according to the CBN.