Only Old N200 remains legal tender as Buhari orders CBN to redistribute it back in circulation

… says old 500, 1000 notes are illegal tenders

President Muhammadu Buhari has ordered the central Bank of Nigeria (CBN) to redistribute and allow the old N200 note to run concurrently with the new one till April 10, 2023.

The president said this in national broadcast on Thursday.

He said; “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.

In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.”

Details later…