The speech outlines the decision of the Nigerian government to ban the circulation of old N200 banknotes and introduces new banknotes of N200, N500, and N1000 denominations. The old N200 notes will be allowed to circulate as legal tender alongside the new banknotes for 60 days from February 10, 2023, to April 10, 2023. The old N1000 and N500 notes remain redeemable at the CBN and designated points. The government urges citizens to make their deposits through the platforms provided by the CBN. The speech also mentions the upcoming presidential and national assembly elections on February 25, 2023, and assures citizens of a secure environment for free and fair elections. The government appeals to citizens to vote for their candidates without fear, avoid violence, and not disrupt the electoral process.

Key points from the speech are:


The old N200 notes will be allowed to circulate as legal tender alongside the new banknotes for 60 days from February 10, 2023, to April 10, 2023.

The old N1000 and N500 notes remain redeemable at the CBN and designated points.

The government urges citizens to make their deposits through the platforms provided by the CBN.

The government assures citizens of a secure environment for free and fair elections in the upcoming presidential and national assembly elections on February 25, 2023.

The government appeals to citizens to vote for their candidates without fear, avoid violence, and not disrupt the electoral process.