President of Nigerian Muhammadu Buhari has ordered the Central Bank of Nigeria (CBN) to release old N200 notes into circulation to co-exist with the new N200, N500, and N1,000 banknotes for 60 days.
The President made this known in a nationwide broadcast this morning Thursday, February 16. He also ordered the CBN to allow the new notes available to all citizens.
According to his speech, the president said that he authorized the CBN to carry out the redesigning of the Naira notes for the good of the economy as most of the printed Naira notes were unaccounted for.
He also apologized to Nigerians for the difficulty experienced in the implementation of the naira redesign policy.
The president said, “To further ease the supply pressure, particularly on our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and it should also be allowed to circulate as legal tender with the new N200, N500, and N1,000 banknotes for 60 days”.
He equally directed the CBN to collaborate with security agents and anti-corruption agents to ensure that no one sabotages the efforts of the Federal government.
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