President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to allow the use of old N200 notes till April 2023.
Buhari in a 15-minute address to the nation on Thursday said: “To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it 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”
In with Section 20(3) of the CBN Act 2007, the President said, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.
He assured Nigerians that his administration would continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.
