President Muhammadu Buhari has approved the continuous use of the old N200 as legal tender till April 10. 

The President announced this morning during an address to Nigerians. He also apologized to Nigerians for the difficulties experienced in accessing the scarce new naira notes. President Muhammadu Buhari stated that to further ease the supply pressures, particularly to our citizens, I have approved 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 cease 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. “Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN,” he said.