Buhari partially extends validity of old banknotes

Nigeria introduced brand-new 200, 500, and 1,000 naira notes into circulation last year.

Buhari partially extends validity of old banknotes
People struggle to obtain the new currencies.

President Muhammadu Buhari of Nigeria has ordered the central bank to reintroduce the old 200 naira banknotes into circulation and allow them to coexist with the new ones until April 10th.

At that point, the old 200 naira bills will no longer be usable.

The old 500 and 1,000 naira banknotes, meanwhile, are no longer legal tender and must be delivered to the central bank via authorized procedures, he claims.

Nigerians have experienced lengthy lines at the cash registers, and some have even camped out in front of banks in an effort to grab money first.

As people struggle to obtain the new currencies, there have been irate rallies in towns and cities.

Nigeria introduced brand-new 200, 500, and 1,000 naira notes into circulation last year.

Old notes could still be sent in, but the deadline was previously extended to February 10; after that date, the old notes would no longer be valid. The top court did, however, suspend the deadline last week.