Buhari Approves Re-Circulation of Old ₦200 Till April 10th

President Muhammadu Buhari, in a national broadcast on Thursday morning, has approved the restoration of the old ₦200 notes as legal tender.

The president stated that the CBN is to re-introduce the old ₦200 note to circulate alongside the new ₦500 and ₦1,000 notes from February 10th till April 10th, 2023.

“I have approved to the CBN that the old ₦200 note be allowed along with the new ₦200 note for 60 days from February 10th to April 20th, when the old ₦200 note ceases to be legal tender.

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“However all the old ₦500 and ₦1,000 notes remain redeemable at any CBN branch.

“I have also asked CBN to make the new notes become accessible to citizens through the banks,” Buhari said.

He recalled that he granted approval for the redesign of the ₦200, ₦500 and ₦1,000 notes in third quarter of 2022, and called on Nigerians to see the need to restore the statutory role of the CBN to have a firm control of naira notes in circulation.

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He also lamented the acts of unscrupulous banking officials which had created hardship for innocent Nigerians seeking to collect the new naira notes.

President Buhari who apologised to the citizenry over the consequences of the Naira swap policy which has led to protests across some section of the country said, “I apologise for this unintended outcome.

“I have mandated the CBN to deploy means to educate and easy access to cash while also making deposits.

“To also intensify collaboration with anti corruption agencies to ensure persons sabotaging the policy will be prosecuted.

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“I have noted that the subject is before the Supreme Court and some rulings have been made”.

He therefore said, “Old ₦200 banknotes should be released back to the public with the new ₦200, ₦500 and ₦1,000 and from February 10th to April 10th; the old ₦200 will cease to the legal tender.

“We will continue to monitor the implementation to ensure Nigerians are not burdened.”

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