President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to release the old N200 note back into circulation.
Buhari gave the directive in an early morning nationwide broadcast on Thursday in Abuja.
He said CBN should allow old N200 to circulate as legal tender with the new N200, N500 and N1000 banknotes.
This should run for 60 days from Feb. 10 to April 10.
The old N200 notes should cease to be legal tender from April 10.
“To ease supply pressures, I have given approval to CBN that old N200 bank notes be released back into circulation.
“They (N200) should circulate as legal tender with new N200, N500 and N1000 banknotes for 60 days.
“This should be from Feb. 10 to April 10, 2023, when the old N200 notes cease to be legal tender.
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“In line with Section 20(3) of CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points,” the Preaident said.
Before giving the directive, the president said he consulted widely with representatives of the State Governors and Council of State.
“As an administration that respects rule of law, I have also noted the subject matter is before the courts of our land and they have made some pronouncements.
“Considering the health of the nation’s economy and the legacy he wanted to bequeath to the next administration.”
Buhari admonished citizens to make their deposits by taking advantage of the platforms and windows that the CBN has provided.
“Let me assure Nigerians that our administration will continue to assess the implementation to prevent unnecessary burden on Nigerians.
“In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through banks.”
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