President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to release old N200 notes into circulation to co-exist with new N200, N500, and N1,000 banknotes for 60 days.

The President, who made this known in a nationwide broadcast on Thursday, directed the CBN to allow the new notes available to all citizens.

The President apologized to Nigerians for 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.

This also means that the old N500 and N1,000 banknotes are no longer legal tender in Nigeria.

The president stated that he engaged widely and listened to several stakeholders over the hardships endured by Nigerians as a result of the weeks-long shortage of naira notes.

According to him, their advise influenced his choice to make compromises on the issue.

“Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN,” he said.

“Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.

“I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.”

The president described the naira redesign policy as a “positive departure from the past”, adding that it represents a “bold legacy step” of his administration towards laying a strong foundation for free and fair elections.