The President, Major General Muhammadu Buhari (retd.) has approved the continuous use of the old N200 as legal tender till April 10.
The President made this known on Thursday morning during an address to Nigerians. He also apologised to Nigerians over the difficulties experienced in accessing the scarce new naira notes.
Speaking to Nigerians, Buhari said, “I am deeply pained and sincerely sympathise with you all over these unintended outcomes. To stem this tide, I have directed the CBN to deploy all legitimate resources and legal needs to ensure that our citizens are adequately educated on the policy , enjoy easy access to cash withdrawal through availability of appropriate amount of currency and availability of currency.”
He further added, “To further ease the supply 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 bank note for 60 days from Feb 10 till April 10 2023, when the old N200 note ceases to become legal tender.”