President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for the next 60 days.
He, however, said old N500 and N1,000 banknotes are no longer legal tender in Nigeria.
The President, made this known in a nationwide broadcast on Thursday.
The President apologised to Nigerians over the difficulty experienced in the implementation of the naira redesign policy.
“To further ease the supply pressure, particularly on our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and it should also be allowed to circulate as legal tender with the new N200, N500 and N1,000 bank notes for 60 days from February 10, 2023 to April 10, 2023 when the old N200 note ceases to be legal tender,” he said.
“However all the old N500 and N1,000 notes remain redeemable at any CBN branch.
“I have also asked CBN to make the new notes become accessible to citizens through the banks,” Buhari said
The President had on February 3 appealed to Nigerians to give him seven days to resolve the cash crunch after the Nigeria Governors’ Forum urged him to allow all old notes to circulate in the system to ease the hardship on ordinary Nigerians
