President Muhammadu Buhari has stated that the old N500 and N1,000 banknotes are no longer legal tender in the country.
In a nationwide broadcast on Thursday, Buhari said in line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the Central Bank of Nigeria (CBN) and designated points.
The Nigerian leader, however, directed the apex bank to release old N200 notes into circulation as legal tender for the next 60 days.
The President also apologized to Nigerians over the difficulty experienced in the implementation of the naira redesign policy.
He said: “During the extended phase of the deadline for currency swap, 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 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.
“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.”
