Muhammadu Buhari, the president of Nigeria, announced in a national speech on Thursday, February 16, 2023, that the old N200 notes will continue to be legal tender for an extra 60 days.
This occurs at a time when both old and new Naira notes are in short supply, causing economic turmoil.
President Muhammadu Buhari announced in his speech to the nation that the N200 notes will be issued and allowed to stay legal currency for 60 days in order to reduce scarcity.
IN HIS WORDS, “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.”
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