By Omobolanle Shosanya
President Muhammadu Buhari has said that the old N500 and N1,000 notes have ceased to be legal tender in the country.
In a national broadcast on Thursday,the President said the old notes can be swapped at the Central Bank of Nigeria (CBN) and designated points.
He maintained that the old N200 note will, however, remain legal tender until April 10 when they will cease to be valid.
He added:“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,” 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.”