President Muhammadu Buhari on Thursday said that the Central Bank of Nigeria has recovered over N2.1trn of the old naira notes from circulation.
Buhari said this during a national broadcast
The redesigned note was unveiled by President Muhammadu Buhari on November 23, consisting of N200, N500 and N1,000 respectively.
The CBN had in October announced the redesign of the N100, N500 and N200 notes.
He further revealed that N1000 and N500 notes in circulation will also be reduced overtime.
Buhari said that the N2.1trn so far recovered represented about 80 per cent of the currency in circulation before the implementation of the policy.
Buhari has granted a 60-day extension for the circulation of the old N200 notes.
He said the old N200 notes will be in circulation for the next 60 Days and would cease to be a legal tender on April 10 this year.
He said in line with the Naira redesigned policy, the old N500 and N1000 bank notes have ceased to be a legal tender.
