President Muhammadu Buhari has addressed Nigerians on the issue of currency swap policy of the Central Bank of Nigeria, CBN, which has hindered economic activities in the country due to scarcity of the old and new notes.
The President directed that the old naira notes, ranging from the N200, N500 to N1000 remain legal tender till April 10 2023.
Buhari made this directive in a national broadcast to Nigerians today (Thursday).
Here are the key five highlights from the President’s speech.
Currency redesign
In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.
5. For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till 31 January 2023, before the old notes, cease to be legal tender. Read more
