President Muhammadu Buhari says the old N200 is to remain legal tender till April 10 while the N500 and N1,000 notes can still be swapped at the Central Bank of Nigeria.
Buhari made this statement in an address to the nation on Thursday.
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 note ceases to be legal tender.
In addition, he said in line with section 20(3) of the CBN Act 2007, all existing old N1,000 and N500 notes remain redeemable at the CBN and designated points.
The new position is aimed at ameliorating the suffering of the people who have started protesting against the scarcity of the new naira notes.
It seems the government believes the real stackers of the old currency notes who want to use them for political purposes have the N500 and N1,000 notes in their possession.
It would be interesting to watch how this new policy plays out with elections less than 10 days away.