President Muhammed Buhari has directed the Central Bank of Nigeria (CBN) to extend the deadline for the use of old N200 notes till April 10, 2023.
The President gave the directive during a national broadcast on Thursday, February 16, 2023.
During the broadcast, the president alluded to the fact that the naira scarcity being suffered by Nigerians is the fault of ‘unscrupulous officials’ in the banking industry, entrusted with the process of implementing the new monetary policy.
According to him, “To stem this tide, I have directed the CBN to deploy all legitimate resources & legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through the availability of the appropriate amounts of currency; and ability to make deposits.”
He called Nigerians to be patient and understanding during the difficult transition phase of the monetary policy.