President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to release old N200 notes into circulation to co-exist with the new ₦200, ₦500 and ₦1,000 banknotes for 60 days.
The President, who made this known in a nationwide broadcast on Thursday, directed the CBN to allow the new notes available to all citizens.
The President apologised to Nigerians over the difficulty experienced in the implementation of the naira redesign policy.
“To further ease the supply pressure, particularly on our citizens, I have given approval to the CBN that the old ₦200 bank notes be released back into circulation and it should also be allowed to circulate as legal tender with the new ₦200, ₦500 and ₦1,000 bank notes for 60 days,” he said.
He, however, noted that all old ₦500 and ₦1000 notes had ceased to be legal tender in the country, calling on citizens who still have them in their possession to approach the Central Bank of Nigeria for necessary procedure.
