Buhari Orders Recirculation of Old 200 Naira Notes
Nigeria President Muhammadu Buhari on Thursday ordered the Central Bank of Nigeria (CBN) to allow the old 200 naira notes and redesigned 200, 500 and 1000 naira notes to coexist.Buhari gave the directive to CBN in a national broadcast aired on national stations.
“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.
“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.”
“Let me assure Nigerians that our admin. will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened,” Buhari said. “In this regard, the CBN shall ensure that new notes become more available & accessible to our citizens through the banks.”
He insisted that the Naira redesign was aimed at curbing inflation, and corruption, and improving transparency in cash flow to all sectors of the Nigerian economy.
