Breaking News: Buhari Directs CBN To Return N200, Says Old N500, N1000 Notes Not Legal Tender

Buhari Directs CBN To Return N200, Says Old N500, N1000 Notes Not Legal Tender…

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— Muhammadu Buhari (@MBuhari) February 16, 2023

President Muhammadu Buhari has directed the Central Bank of Nigeria to return the old N200 bank note back into circulation.

He has also said that the old N500 and N1000 bank notes will not return as they are no longer legal tender in Nigeria.

President Buhari gave the directive in a nationwide live broadcast on Thursday, February 16th, 2023.

According to the president, the old N200 bank note will continue to be legal tender until April 10th, 2023 when it will cease to be legal tender.

“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 Feb. 10, 2023 to April 10 2023.”

“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.

“Let me assure Nigerians that our admin. 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 & 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.” – President Muhammadu Buhari Feb. 16, 2023