Buhari orders recirculation of old N200, shifts cash swapping deadline to April 10
President Muhammadu Buhari has ordered the Central Bank of Nigeria to recirculate the old N200 notes while stating that the old N500 and N1, 000 banknotes had ceased to be legal tenders.
The President said this in a national broadcast on Wednesday morning.
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.”
He equally shifted the deadline for swapping the affected old naira notes for new ones from the initial February 10 to April 10.
The decision to extend the deadline appears a face-saving measure by the government, based on the Supreme Court order against implementation of the initial deadline.
