Buhari approves extension of N200 old note as legal tender till April 10

President Muhammadu Buhari on Thursday directed the Central Bank of Nigeria (CBN) to allow the old N200 denomination to remain a legal tender for another 54 days till April 10, 2023.

He confirmed the directive in a national broadcast on Thursday morning, during which he addressed issues bothering on the naira redesign and swap involving the three biggest denominations, N200, N500 and N1,000 as well as other economic developments.

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.”

The apex bank had earlier set February 10 as deadline for the expiration of the old naira notes

He expressed hope that the new monetary policy will contribute immensely to minimize the influence of money in politics, urging citizens to vote their choice candidates on the 25th of February, 2023 when the nation would be electing a new President and National Assembly members.