Buhari
The President, Muhammadu Buhari, has said that the old N500 and N1,000 banknotes are no longer legal tender in the country.
Buhari made this known on Thursday morning during an address to Nigerians were he also apologized to Nigerians over the difficulties experienced in accessing the scarce new naira notes.
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He however said that the old N200 note will be legal tender for the next 60 days, till April 10, 2022. Buhari explained that the naira redesign is a strategy to curb illegal flow of the currency and strengthen the nation’s economy.
“Let me re-assure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priority 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 authorized the Central Bank of Nigeria to redesign the N200, N500, and N1000 Nigerian bank notes. 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.
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“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.
