President Buhari orders old N200 notes to co-exist with new notes till April 10

President Muhammadu Buhari has ordered the Central Bank of Nigeria (CBN) to allow into circulation the old N200 notes.

He announced in a broadcast to the nation on Thursday morning, February 16, that the old N200 notes will co-exist with the new N200, N500 and N1000 bank notes for a period of 60 days.

In his speech he directed the CBN to allow into circulation the new notes to all citizens across the country.

According to the President, he authorized the CBN to carry out the redesigning of the Naira notes for the good of the economy as most of the printed Naira notes were unaccounted for.

Buhari apologized to Nigerians over the hardship experienced in the process of implementing the naira redesign policy.

He said; "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".

He asked that the CBN work with the security operatives and anti-corruption agents to ensure the smooth transition.

BS