President Muhammadu Buhari has approved the reintroduction of the old N200 note until April 10, to be used alongside the newly introduced N200 notes as legal tender.
The president, in a nationwide broadcast on Thursday also apologized to Nigerians for the hardship experienced in the past few weeks.
Buhari said that the approval followed wide consultation with relevant stakeholders including the representatives of State Governors, the Council of State as well as the pronouncements of the Supreme Court.
”I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respect the rule of law, I have also noted that the subject matter is before the court of our land and some pronouncements had been made.
”To further ease the supply pressure, particularly to our citizens, I have given approval to the CBN that the old N200 bank note be released back into circulation and that should also be allowed to circulate as a legal tender with the new N200, N500 and N1,000 bank notes for 60 days from Feb. 10, 2023 to April 10, 2023 when the old N200 ceases to be legal tender.
”In line section 20 sub-section 3 of the CBN Act 2007, all the existing old N1,000 and N500 notes remain redeemable at CBN and designated points,
“The president, who called for more understanding from the citizens, reiterated the commitment of his administration to handover a financially stable economy to the incoming administration on May 29, 2023.
