Nigerian President Muhammadu Buhari has granted a 60-day extension for the use of old N200 notes. The President made the announcement in a nationwide speech on Thursday, February 16, 2023.
He stated that the old N200 notes can still be used alongside the new N200, N500, and N1000 notes up until April 10, 2023.
The Central Bank of Nigeria (CBN) had previously announced that the old N1000 and N200 notes were to be returned to the bank. However, in his speech, the President gave approval for the old N200 notes to be released back into circulation.
The CBN has opened a portal on its official website for Nigerians to deposit their old Naira notes. The deposit process can be completed online by filling out an application form and providing valid identification documents. Once the account is verified, the equivalent cash would be deposited in the customer’s bank account.
It is important to note that individuals who wish to deposit their old, redesigned notes must have an active account with a Deposit Money Bank (Commercial Bank). The CBN branches do not open accounts for individuals. The bank has urged Nigerians to follow instructions from security personnel and other staff when in the Bank’s premises and to be orderly during the deposit process.
The extension of the use of old N200 notes is good news for Nigerians who may still have a significant amount of these notes in their possession. The CBN’s decision to provide a portal for online deposits also provides a convenient and efficient way for Nigerians to deposit their old notes and obtain new ones.
While the Supreme Court has adjourned the case on the legality of the February 10, 2023 deadline for the Naira Swap to February 22, the CBN has assured Nigerians that the old Naira notes remain legal tender until a final decision is made. In the meantime, Nigerians can take advantage of the extra time to spend their old N200 notes or deposit them through the CBN’s portal.