President Muhammadu Buhari has ordered the Central Bank of Nigeria to release the old N200 bank notes back into circulation and to be allowed to circulate as legal tender.
Buhari gave the order on Thursday, while Nigerians on the challenges of the Currency Swap And State Of The Nation on National Broadcast, said that the old N200 bank notes would be circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days.
The president noted that after his widely consultation with the representatives of the State Governors as well as the Council of State his administration has to give the directive.
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.
“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.
“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.
“Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.