President Muhammadu Buhari said he has directed the Central Bank of Nigeria to let the old N200 notes remain legal tender till April 10, 2023.
Announcing the development in a televised nationwide address on Thursday, the president said all existing old N1000 and N500 notes remain redeemable at the Central Bank of Nigeria (CBN) and designated points.
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“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,” the president said.
He revealed this on Thursday morning during a nationwide broadcast to address the scarcity of naira notes in the country.
He recalled that he granted approval for the redesign of the notes in the third quarter of 2022, and called on Nigerians to restore the statutory role of the CBN to have a firm control of naira notes in circulation.