“To further alleviate supply pressures, particularly for our citizens, I have authorized the CBN to reintroduce the old N200 banknotes into circulation and to allow them to circulate as legal tender alongside 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.”
According to the President, Major General Muhammadu Buhari (retd.), the old N500 and N1,000 banknotes are no longer legal tender in the country.
The president announced this during a speech to Nigerians on Thursday morning, during which he also apologized for the difficulties in obtaining the scarce new naira notes.
He did however state, that the old N200 note will remain legal tender for the next 60 days, until April 10, 2022.
“Let me reassure Nigerians that strengthening our economy, enhancing security, and preventing leakages associated with illicit financial flows remain top priorities of our administration,” the president said, “and I will always uphold my oath of protecting and advancing the interests of Nigerians and the nation.”
“In the last quarter of 2022, I authorized the Central Bank of Nigeria to redesign the N200, N500, and N1000 Nigerian banknotes. For a smooth transition, I also approved that the redesigned banknotes circulate alongside the old banknotes until 31 January 2023, when the old notes will cease to be legal tender.
“During the extended phase of the deadline for currency swap, (from January 31 till February 10) I listened to invaluable pieces of advice from well-meaning citizens and institutions across the nation.
“I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration committed to the rule of law, I have noted that the matter is before the courts.