In an address to the nation earlier today, Nigeria’s President Buhari announced that the old N500 and N1,000 banknotes will no longer be accepted as legal tender in the country.
The President explained that the old notes have been phased out to strengthen the economy, enhance security, and block leakages associated with illicit financial flows.
During the address, President Buhari also apologized to Nigerians for the difficulties experienced in accessing the scarce new naira notes. He urged citizens to deposit their old N500 and N1,000 notes with the Central Bank of Nigeria (CBN) and assured them that the banknotes would be redeemable at the CBN and designated points.
The President further announced that the old N200 note would remain legal tender for the next 60 days, till April 10, 2023, to enable a smooth transition for citizens. The old N200 note will be allowed to circulate as legal tender alongside the new N200, N500, and N1,000 banknotes during this period.
President Buhari emphasized that his administration remains committed to protecting and advancing the interest of Nigerians and the nation, at all times. He explained that the redesign of the N200, N500, and N1,000 Nigerian banknotes, which began in the last quarter of 2022, was aimed at curbing the circulation of fake currencies in the country, News About Nigeria reports.
The President also noted that he had consulted widely with representatives of the state governors, the Council of State, and well-meaning citizens and institutions across the nation before making the announcement. He assured Nigerians that his administration respects the rule of law, and that the subject matter is before the courts of the land, with some pronouncements already made.
President Buhari urged all citizens to take advantage of the platforms and windows being provided by the CBN to deposit their old N500 and N1,000 banknotes. He assured Nigerians that his administration would continue to prioritize the strengthening of the economy, enhancing security, and blocking leakages associated with illicit financial flows.