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Naira Scarcity: President Buhari Extends N200 Notes Validity By 60 Days

On Thursday, February 16, 2023, the President of Nigeria, Muhammadu Buhari, declared in a national address that the old N200 notes would remain valid for an additional 60 days.

This comes amidst the scarcity of Naira notes both the old and new notes that have rendered the economy in chaos.

In the address to the nation, President Muhammadu Buhari stated that the N200 notes will be released and allowed to remain a legal tender for 60 days to ease scarcity.

In his words, “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 notes ceases to be legal tender.”

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