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Nigeria extends use of old Naira notes amid cash crisis

President Muhammadu Buhari has directed the country’s central bank to release the old 200 naira banknotes back into circulation and run concurrently with the new ones until April 10, 2023.

However, he said that the old 500 and 1,000 naira banknotes are no longer valid and must be taken to the central bank through designated channels.

The Supreme Court temporarily suspended the February 10, 2023 deadline to stop the use of old banknotes, which had caused a cash crisis in the country.

There have been angry protests in towns and cities as people are struggling to obtain the new banknotes.

In November 2022, the Central Bank of Nigeria (CBN) new banknotes.

The new notes came into circulation on December 15, 2022.

The CBN said the redesign was meant to address insecurity, tackle counterfeiting and force excess cash back into the banking system.

Source: classfmonline.com

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