Nigeria’s President, Muhammadu Buhari has ordered the Central Bank of Nigeria (CBN) to allow the old N200 and redesigned naira notes to coexist.
The directive to the apex bank was handed down by Buhari in a national broadcast aired on Radio and national television stations on Thursday morning.
The President revealed that the old N200 note be allowed along with the new N200 notes for 60 days from February 10 to April 10, when the old N200 note will cease to be legal tender.
He however, said old N500 and N1,000 banknotes are no longer legal tender in Nigeria and 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.
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