President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to allow old ₦200 notes to circulate alongside new ₦200, ₦500, and ₦1,000 banknotes for a period of 60 days.
He, on the other hand, stated that old ₦500 and ₦1,000 banknotes are no longer legal tender in Nigeria.
The President, who announced the new notes in a nationwide broadcast on Thursday, directed the CBN to make them available to all citizens.
The President apologized to Nigerians for the difficulties encountered in implementing the naira redesign policy.
“To further ease the supply pressure, particularly on our citizens, I have given approval to the CBN that the old ₦200 bank notes be released back into circulation and it should also be allowed to circulate as legal tender with the new ₦200, ₦500 and ₦1,000 bank notes for 60 days from February 10, 2023 to April 10, 2023 when the old ₦200 note ceases to be legal tender,” he said.
More details soon…
