BREAKING: Old N500, N1000 Notes No Longer Legal Tender – Buhari

BREAKING: Old N500, N1000 Notes No Longer Legal Tender – Buhari

Old N500 and N1,000 banknotes, according to President Muhammadu Buhari, are no longer legal tender in Nigeria.

He did, however, direct the Central Bank of Nigeria (CBN) to make old N200 notes legal tender for the next 60 days.

The President, who announced the new notes in a nationwide broadcast on Thursday, directed the CBN to make them available to all citizens.

The President apologized to Nigerians for the difficulties encountered in implementing the naira redesign policy.

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“To further ease the supply pressure, particularly on our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and it should also be allowed to circulate as legal tender with the new N200, N500 and N1,000 bank notes for 60 days from February 10, 2023 to April 10, 2023 when the old N200 note ceases to be legal tender,” he said.

“17. In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.”

The President had on February 3 appealed to Nigerians to give him seven days to resolve the cash crunch after the Nigeria Governors’ Forum urged him to allow all old notes to circulate in the system to ease the hardship on ordinary Nigerians.

Following complaints from many Nigerians, the Central Bank of Nigeria (CBN) extended the deadline for the swap of old N200, N500, and N1,000 notes from January 31 to February 10, but the Supreme Court ruled that the Federal Government, the CBN, and commercial banks could not continue with the deadline until the issue was resolved.

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