…orders recirculation of old N200 notes
…N500, N1000 old notes no longer legal tender
By Precious Oham
President Muhammadu Buhari has ordered the recirculation of old N200 notes as legal tender.
Buhari directed the CBN governor, Godwin Emefiele, to release more of the old N200 banknotes and the new N200 notes to the public saying that the old N200 notes will be legal tender for 60 days.
The president, who made the announcement in a national broadcast on Thursday, noted that old N500 and N1000 notes cease to be legal tenders.
He appealed to Nigerians for understanding in other to overcome this difficult phase while calling on CBN to make the new notes available and accessible.
“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.
“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.
“Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.
“I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.”
