President Muhammadu Buhari has extended the validity of the old N200 notes till April 10, 2023.
The president announced this in a national broadcast on Thursday morning.
“I am addressing you as your democratically elected president to sympathise with you over the hardship being experienced as a result of the naira redesign policy.”
“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.”
“17. 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.
“Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.”
Nigerians have been battling with the scarcity of new naira notes— a development that has led to queues at banking halls, and automated teller machine (ATM) points.