President Muhammadu Buhari has ordered the extension of the validity of old 200 naira notes by 60 days.

The President made the disclosure on Thursday while addressing Nigerians in a nationwide broadcast on the recent crisis occasioned by the implementation of the policy which has led to the scarcity of the notes.

The President apologised to Nigerians over the difficulty experienced in the implementation of the naira redesign policy.

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 from February 10, 2023, to April 10, 2023, when the old N200 note ceases to be legal tender,” he said.

The Central Bank of Nigeria (CBN) had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians but the Supreme Court held that the Federal Government, the CBN, commercial banks must not continue with the deadline pending the determination of a notice in respect of the issue.