Buhari Says Old N500, N1000 Notes no Longer Legal Tender, Gives CBN Stern Order on N200 Notes

Buhari Says Old N500, N1000 Notes no Longer Legal Tender, Gives CBN Stern Order on N200 Notes

  • President Muhammadu Buhari stated that old N500, N1,000 notes are no longer legal tender in Nigeria
  • He said that only the old N200 notes would be accepted as legal tender until April 10
  • Buhari stated this during a nationwide speech to address the scarcity of naira notes in the country

President Muhammadu Buhari has said that old N500 and N1,000 notes remain illegal in Nigeria.

The President stated this on Thursday, February 16, 2023, during his nationwide address to Nigeria over chaos caused by the scarcity of naira notes in the country.

Buhari, old naira notes, Emefiele
President Muhammadu Buhari and the CBN governor, Godwin Emefiele
Source: Getty Images

Buhari, who apologised to Nigerians over the cash crisis, said that the old N200 note will remain legal tender until 60 days, citing April 10, 2023, as the new deadline.

The president said:

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Full text of President Buhari’s address on Naira notes scarcity: New deadline, directives for CBN, others

“Let me re-assure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priorities of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times.
“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.
“During the extended phase of the deadline for currency swap, (from January 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.

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Emefiele Speaks on February 10 Deadline, PoS Charges, Insists Old Naira Notes No Longer Legal Tender

“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 cease to be legal tender.”

Emefiele Speaks on February 10 Deadline, PoS Charges, Insists Old Naira Notes No Longer Legal Tender

Legit.ng reported that the Governor of the Central Bank of Nigeria, Godwin Emefiele, has said there is no going back on the February 10 deadline for the cessation in the use of old naira notes as legal tender.

He stated this during a visit to the Minister of Foreign Affairs to discuss the CBN’s monetary and currency redesign policy.

According to the governor of the apex bank, PoS operators can go to the branches of the CBN to get compensation for the extra cost incurred while getting the new naira notes, instead of charging higher fees to customers, a Punch report says

Source: Legit.ng

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Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng