President Muhammadu Buhari has approved the restoration of the old N200 notes as legal tender.
He made this announcement in a national broadcast on Thursday morning.
According to him, this is to further ease the supply pressures, particularly to citizens, as he has given the 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 cease to be legal tender.
“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,” he said.
“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,” Buhari added.
Buhari’s confirmation comes after the Governor of Kaduna State, Nasir El-Rufai, disclosed that the Federal Government had proposed to allow only the old N200 notes to remain legal tender till April 10, 2023.
This was contained in a statement on Wednesday by Muyiwa Adekeye, Special Adviser on Media & Communication to Governor El-Rufai.