Old N500, N1000 banknotes no longer legal tender - Buhari
The President, Major General Muhammadu Buhari (Retired), said that the old N500 and N1,000 banknotes are no longer legal tender in the country.
The President made this known Thursday morning during an address to Nigerians where he also apologized to Nigerians for the difficulties in accessing the scarce new naira banknotes.
He, however, said that the old N200 note will be legal tender for the next 60 days, until April 10, 2023, while imploring Nigerians to deposit their old N500 and 1000 notes with the CBN.
>The President said, “Let me reassure Nigerians that strengthening our economy, improving security and stemming the leakages associated with illicit financial flows remain our administration’s top priority. And I will remain committed to my oath to protect and advance the interests of Nigerians and the nation, at all times.
"In the last quarter of 2022, I authorized the Central Bank of Nigeria to redesign the Nigerian N200, N500 and N1000 banknotes. For a smooth transition, I also approved that the redesigned banknotes circulate alongside the old banknotes. , until January 31, 2023, before the old banknotes cease to be legal tender.
"During the extended phase of the currency exchange deadline (January 31-February 10), I have listened to valuable advice from well-meaning citizens and institutions across the country.
"I have also consulted extensively with representatives of state governors as well as the Council of State. Importantly, as an administration that upholds the rule of law, I have also seen that the matter is before the courts of our country and that certain statements have been made.
“To further alleviate supply pressures, especially for our citizens, I have given CBN approval for the old N200 banknotes to be recirculated and also allowed to circulate as legal tender with the new N200, N500 and N1000 Notes for 60 days from February 10, 2023 to April 10, 2023 when the old N200 notes cease to be legal tender."
He continued, "In accordance with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 tickets remain redeemable at CBN and designated points. I urge every citizen to make greater efforts to make its deposits by taking advantage of the platforms and windows provided by the CBN.”
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The President, Major General Muhammadu Buhari (Retired), said that the old N500 and N1,000 banknotes are no longer legal tender in the country.
The President made this known Thursday morning during an address to Nigerians where he also apologized to Nigerians for the difficulties in accessing the scarce new naira banknotes.
He, however, said that the old N200 note will be legal tender for the next 60 days, until April 10, 2023, while imploring Nigerians to deposit their old N500 and 1000 notes with the CBN.
>The President said, “Let me reassure Nigerians that strengthening our economy, improving security and stemming the leakages associated with illicit financial flows remain our administration’s top priority. And I will remain committed to my oath to protect and advance the interests of Nigerians and the nation, at all times.
"In the last quarter of 2022, I authorized the Central Bank of Nigeria to redesign the Nigerian N200, N500 and N1000 banknotes. For a smooth transition, I also approved that the redesigned banknotes circulate alongside the old banknotes. , until January 31, 2023, before the old banknotes cease to be legal tender.
"During the extended phase of the currency exchange deadline (January 31-February 10), I have listened to valuable advice from well-meaning citizens and institutions across the country.
"I have also consulted extensively with representatives of state governors as well as the Council of State. Importantly, as an administration that upholds the rule of law, I have also seen that the matter is before the courts of our country and that certain statements have been made.
“To further alleviate supply pressures, especially for our citizens, I have given CBN approval for the old N200 banknotes to be recirculated and also allowed to circulate as legal tender with the new N200, N500 and N1000 Notes for 60 days from February 10, 2023 to April 10, 2023 when the old N200 notes cease to be legal tender."
He continued, "In accordance with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 tickets remain redeemable at CBN and designated points. I urge every citizen to make greater efforts to make its deposits by taking advantage of the platforms and windows provided by the CBN.”
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