Old 500, 1000 Naira notes cease to be legal tender, says Buhari

Nigerian President Muhammadu Buhari said on Thursday that old ₦‎500 and ₦‎1000 notes are no longer legal tender in the country.

Buhari said this in a national broadcast aired on national stations.

READ ALSO: Buhari orders CBN to release old ₦‎200 to coexist with new Naira notes

He, however, directed the Central Bank of Nigeria (CBN) to release old N200 notes into circulation as legal tender for the next 60 days.

Buhari directed the CBN to allow the new notes available to all citizens.

He apologised to Nigerians over the difficulty experienced in the implementation of the naira redesign policy.

“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.

“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.”

READ ALSO: CBN delists old ‎200, ‎500, ‎1000 naira notes as legal tender

Buhari said he sympathises with Nigerians over the difficulties in accessing the new Naira notes.

“Let me assure Nigerians that our admin. will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened,” Buhari said. “In this regard, the CBN shall ensure that new notes become more available & accessible to our citizens through the banks.”

He insisted that the Naira redesign was aimed at curbing inflation, and corruption, and improving transparency in cash flow to all sectors of the Nigerian economy.

The president urged Nigerians to vote for their preferred candidates in the forthcoming polls without fear and eschew violence.

“I urge every citizen, therefore, to go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count,” Buhari said.