16 February 2023
President Muhammadu Buhari has insisted that the old N500, N1,000 notes no longer valid.
The president in a
a national broadcast Thursday morning, admitted the ‘difficulties’ the new currency policy is causing Nigerians but oapproved the continued use of N200 notes as a legal tender across Nigeria.
“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 President Buhari .
“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.”
The Supreme Court had last week given an interim order for the continued use of all the old notes until it finally rules on the suit filed by some state governments.
In its sitting on Wednesday, the Supreme Court did not reverse that order, hence its validity remains. But the court adjourned the suit to 22 February.
