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Buhari directs CBN to allow old N200 notes remain legal tender till April 10



President Muhammadu Buhari said he has directed the Central Bank of Nigeria (CBN) to allow the old N200 notes remain legal tenders till April 10, 2023.

He revealed this on Thursday morning during a nation wide broadcast to address the scarcity of naira notes in the country.

The president stated that the CBN is to re-introduce the old N200 notes to circulate alongside the new N500 and N1,000 notes from February 10 till April 10, 2023.

He recalled that he granted approval for the redesign of the N200, N500 and N1,000 notes in third quarter of 2022, and called on Nigerians to see the need to restore the statutory role of the CBN to have a firm control of naira notes in circulation.

He also lamented the acts of unscrupulous banking officials which had created hardship for innocent Nigerians seeking to collect the new naira notes.

President Buhari who apologised to the citizenry over the consequences of the Naira swap policy which has led to protests across some section of the country said, “I apologise for this unintended outcome.

READ ALSO:Buhari mulls extension of old naira notes validity by 60 days

“I have mandated the CBN to deploy means to educate and easy access to cash while also making deposits.

“To also intensify collaboration with anti corruption agencies to ensure persons sabotaging the policy will be prosecuted.

“I have noted that the subject is before the Supreme Court and some rulings have been made”.

He therefore said, “Old N200 banknotes should be released back to the public with the new N200, N500 and N1,000 and from February 10 to April 10; the old N200 will cease to the legal tender.

“We will continue to monitor the implementation to ensure Nigerians are not burdened.

“New notes become more available and accessible through the banks.”

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