The old N200 note, which will continue to be legal money alongside the newly redesigned N200, N500, and N1,000 notes until April 10, 2023, has been ordered to be circulated by President Muhammadu Buhari to the Central Bank of Nigeria (CBN).
In response to the growing cash shortage brought on by the revamping of the N200, N500, and N1,000 notes and the widespread outcry that accompanied the occurrence, the President made this disclosure in a national broadcast to Nigerians on Thursday morning
As the administration continues to track the effectiveness of the strategy to make sure Nigerians are not suffering needlessly, he gave the CBN the assurance that it would keep making sure the fresh notes are issued into the system for access.
About the cause of the current difficulty brought on by the policy,The President apologized to the public for the pain so far experienced and criticized those he called dishonest financial executives.
"I have approved the CBN to release the old N200 bank notes back 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, in order to further ease supply pressures, particularly for our citizens.
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