Nigeria president, Muhammadu Buhari has directed the Central Bank of Nigeria, CBN, to recirculate the old N200 notes retrieved from the financial system and to continue to consider the notes as legal tender till April 10.
The outgoing president made this revelation in a live broadcast on Thursday, February 16, 2023.
The president also averred that the old N500 and N1000 notes have been phased out as they would no longer be instruments for exchange of value.
The old N200 notes will coexist with the new denominations – N200, N500, N1000 notes.
Buhari, while appealing to Nigerians, said the move was to ease the “difficulties” the citizens are currently going through.
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 N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender,” Mr Buhari said.
“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.”
