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Old Naira Notes: N500, N1000 no longer legal tender – Buhari


Old Naira Notes: N500, N1000 no longer legal tender – Buhari

….Approves N200 as legal tender till April 10

By Odunayo Odeja

President, Muhammadu Buhari has said that the old N500 and N1,000 banknotes are no longer legal tender in the country.

The president made this known on Thursday morning during a nationwide address to Nigerians.

The President apologised to Nigerians over the difficulties experienced in accessing the scarce new naira notes.

He however said that the old N200 note will be legal tender for the next 60 days, till April 10, 2022

The president said, “Let me re-assure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priorities of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times.

Read Also: FULL TEXT: Buhari’s Nationwide Address On New Naira

In the last quarter of 2022, I authorised the Central Bank of Nigeria to redesign the N200, N500, and N1000 Nigerian banknotes. 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.

“During the extended phase of the deadline for currency swap, (from January 31 till February 10) I listened to invaluable pieces of advice from well-meaning citizens and institutions across the nation.

“I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made.

“To further ease the supply pressures, particularly to our citizens, I have approved the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023, to April 10, 2023, when the old N200 note ceases to be legal tender.”

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