Dipo Olowookere
By Dipo Olowookere
President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to recirculate old N200 notes to ease the tension caused by the scarcity of the Naira.
In a national broadcast on Thursday, the President said with this, the old denomination would remain as legal tender for another 60 days, from February 10 to April 10, 2023.
However, he hinted that the old N500 and N1,000 notes would not be returned to the financial system.
Mr Buhari asked the Governor of the CBN, Mr Godwin Emefiele, to ensure that the new currency notes are made available to Nigerians.
“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.
“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,” Mr Buhari stated.
