President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to release into circulation the old N200 note as legal tender up till April 10, 2023.
In a national broadcast on Thursday morning on the challenges of the currency swap and state of the nation, the president said he was giving the directive to ease the new notes supply among the citizenry.
He 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 N1,000 banknotes for 60 days from February 10, 2023 to April 10, 2023 when the old N200 notes ceases to be legal tender.”
President Buhari also disclosed that in line with Section 20(3) of the CBN Act 2007, all existing old N1,000 and N500 notes remain redeemable at the CBN and designated points.
According to him, “Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.”