President Muhammadu Buhari has said that he has granted approval to the Central Bank of Nigeria to reintroduce the old N200 note as legal tender till April 10.
Buhari said that the old N200 Will circulate alongside the new Naira notes in the country till April 10 when it would cease to be legal tender.
The President made the pronouncement in an early morning broadcast to the nation on Thursday.
However, he said that all existing N1000 and N500 notes will be redeemable at the CBN.
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.”
Details later…
