Buhari partially extends validity of old banknotes

(BBC) Nigeria’s President Muhammadu Buhari has directed the country’s central bank to release the old 200 naira banknotes back into circulation and run concurrently with the new ones till 10 April.

The old 200 naira banknotes will then cease to be valid.

Meanwhile, the old 500 and 1,000 naira banknotes are no longer valid and must be taken to the central bank through designated channels, he says.

Nigerians have faced long queues at cash machines with some sleeping outside banks to try and be the first in line to get some money.

There have been angry protests in towns and cities as people struggle to get hold of the new banknotes.

Nigeria last year started circulating newly designed 200, 500 and 1,000 naira notes.

The deadline to hand in old notes had been extended once to 10 February, after which the old notes would become invalid. The deadline was however suspended by the supreme court last week.

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