Naira Redesign: Reprieve As Banks Recirculate Old N200 Notes In Ekiti, Accepted As Legal Tender

Reprieve is gradually coming to the residents of Ekiti State over the unavailability of redesigned banknotes as sufficient old N200 notes are being released back into circulation by Money Deposit Banks in the state.

President Muhammadu Buhari had in a nationwide broadcast on Thursday approved to the Central Bank of Nigeria (CBN) that the old N200 bank notes be released back into circulation and should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.

Our correspondent, who visited some banks branches in Ado Ekiti, the Ekiti state capital on Friday, observed that, majority of the banks were paying their customers with the old N200 banknotes.

Some of the new and old generation banks giving out the old  N200 to the customers, however, put their withdrawal limit across- the- counter at between N5,000 and N10,000.

While one or two banks didn’t open for operation, those that opened for operation only give out the old N200 and their Automatic Teller Machines (ATMs) are were not dispensing money to customers.

An official of one of the banks visited, who spoke to LEADERSHIP Weekend on the condition of anonymity, said the move was in line with the CBN directive which was to  ease the supply pressures  to the citizens.

“You know President Buhari had approved to CBN, that the N200 banknotes be released back to circulation to remain as ledger tender till April 10, 2023 and that is the directive we are acting upon”.

Meanwhile, the traders, market women, shop owners as well as transporters who hitherto had rejecting the old N200,N500, N1000 banknotes have again started receiving the old N200 notes as ledger tender.

Some POS operators were said to be collecting N150 in exchange for N1000. This they take for ( one N1000 note, two N500 notes and five N200 notes.

The Central Bank of Nigeria (CBN) had late last announced it’s decision to redesign the N200, N500, and N1000 Nigerian banknotes with the old ones ceased to be acceptable as ledger tender by January 31, 2023.