Naira Redesign: Buhari Order Use of Old N200, Retires N500, N1000

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President Muhammadu Buhari has approved the recirculation of the old N200 note until April 10, 2023.

Subsequently, the President directed the Central Bank of Nigeria, CBN to ensure that the old and new N200 notes circulate simultaneously in next 60 days.

President Buhari also insisted that both the N500 and N1000 notes have since ceased to be legal tenders.

This development may have put to final rest the battle to flood the money market with illicit money, hoarded in the private vaults.

Buhari reinstated that, the new money policy was aimed at reducing money laundry activities as well as solve insecurity challenges.

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