Buhari Says Old N500 And N1,000 No More Legal Tender, Allows Recirculation Of Old N200 Notes For 60 Days
President Muhammadu Buhari has ordered that the old N500 and N1,000 notes are no more legal tender. The president, however, said he had directed the Central Bank of Nigeria (CBN) to recirculate the old N200 notes into the economy as a legal tender.
Buhari stated this while addressing Nigerians for the first time on the naira notes swap crisis, in a nationwide broadcast on Thursday morning.
He said the extension of the deadline for the circulation of the old N200 note as a legal tender will end on April 10.
Buhari said that the old N500 and N1,000 notes could only be deposited at the Central Bank of Nigeria (CBN). He added that the old N200 note and newly designed N200, would be allowed to circulate until February 10.
The president was concerned over the plight of Nigerians, but said the matter had been taken to the Supreme Court and that the Federal Government must obey the rule of law.
Already, Buhari said the CBN had retrieved N2.1 trillion from circulation. The President 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.”
The President had on February 3 appealed to Nigerians to give him seven days to resolve the cash crunch after the Nigeria Governors’ Forum urged him to allow all old notes to circulate in the system to ease the hardship on ordinary Nigerians.
The Central Bank of Nigeria (CBN) had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians but the Supreme Court held that the Federal Government, the CBN, commercial banks must not continue with the deadline pending the determination of a notice in respect of the issue.