In disregard of the Supreme Court’s judgment, President Muhammadu Buhari has directed the Central Bank of Nigeria to only recognise the old ₦200 notes as legal cash.
The previous ₦200 notes will be valid for 60 days.
The statement was made by the president on Thursday during a nationwide broadcast.
After the broadcast, it became clear that if you have the old ₦500 and ₦1,000 notes with you the only thing you can do to them is redeem them.
It does not mean you should take them to the Redeemed Church, but to take them to the central Bank of Nigeria.
From President’s Buhari’s speech, they are no longer legal tender.
Mr Buhari also approved that the old ₦200 be released back into circulation as legal tender for 60 days starting from February 10, 2023.
Considering the hardships being faced by Nigerians over the circulation of the redesigned Naira notes and the old notes becoming illegal tender, President Buhari further extends the old naira deadline for only the ₦200 notes.
According to the president, the old naira notes (₦500 and ₦1,000) would be redeemable at designated points of the Central Bank of Nigeria (CBN).
If you want to redeem your notes, read out earlier article on Old Naira Notes Deposit: 9 Things You Should Know
