President Buhari extends validity of old N200 notes to April 10
President Muhammadu Buhari in a nationwide address on Thursday, February 16, 2023, said the old 200 notes will remain a legal tender until April 10th adding that the old 500, and 1000 naira notes can be redeemed at CBN and other platforms highlighted by the apex bank.
Buhari said in the morning address that he has directed the Central Bank to recirculate the old 200 naira note into the economy alongside the new 200, 500, and 1000 notes to ease the challenges faced by Nigerians.
The president said, by this directive, only the old 200 naira note remains legal tender until April 10th, 2023.
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 cease to be legal tender.”
And acknowledging the unease caused by the shortage of the new naira notes in circulation, he said, “Particularly, I am addressing you, as your democratically elected President, to identify with you and express my sympathy, over the difficulties being experienced as we continue the implementation of new monetary policies, aimed at boosting our economy and tightening of the loopholes associated with money laundering”.
He said the scheme has achieved appreciable success already. “I have been reliably informed that since the commencement of this program, about N2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved”.
