The President, Major General Muhammadu Buhari (retd.), has announced that the old N500 and N1,000 banknotes are no longer legal cash in the country.
The president announced this during a speech to Nigerians on Thursday morning, where he also apologised for the problems in obtaining the rare new naira notes.
He did, however, state that the previous N200 note will be legal tender for the next 60 days, till April 10, 2022.
“Let me reassure Nigerians that boosting our economy, enhancing security, and preventing leakages connected with illicit cash flows are major priorities of our administration,” the president added. And I would always uphold my duty of preserving and furthering the interests of Nigerians and the nation.
“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.
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“During the extended phase of the deadline for currency swap, (from Jnuary 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 given approval to 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 notes ceases to be legal tender.”
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