BREAKING: Buhari Grants 60 Days Extension For Circulation Of Old N200 Notes

President Muhammadu Buhari has granted a 60 day extension for the circulation of the old N200 notes.

The President said this in a national broadcast monitored by THE WHISTLER on Thursday.

He said the old N200 notes will be in circulation for the next 60 Days and would cease to be a legal tender on April 10 this year.

He said in line with the Naira redesigned policy, the old N500 and N1000 bank notes have ceased to be a legal tender.

The redesigned note was unveiled by President Muhammadu Buhari on November 23, consisting of N200, N500 and N1,000 respectively.

The CBN had in October announced the redesign of the N1000, N500 and N200 notes.

He said, “I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.

“During the extended phase of the deadline for currency swap, 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 that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made.

“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.

“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.”