President Muhammadu Buhari on Thursday directed the Central Bank of Nigeria, CBN to ensure continuous circulation of the old N200 notes to ease the issue of cash crush and other hardships associated with the naira redesign policy.
This was as he emphasised that the old N500 and N1,000 notes remain outdated and would no longer be accepted for transactions.
The president made the disclosure in a national broadcast on Thursday morning as he explained that the naira redesign policy was achieving its desires of curtailing banditry, vote buying and monetary policy stability.
The president said that the old N200 notes will remain legal tender till April 10, 2023
“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 cease to be legal tender.
“In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points,” he directed.
