President Muhammadu Buhari has declared that the old N500 and N1,000 notes are no longer legal tender.
He, however, said the old N200 note validity will be extended by 60 days, till April 10.
Buhari stated that the old N500 and N1,000 notes can only be redeemed at designated areas.
The president spoke on Thursday morning, February 16, 2023 during a national broadcast.
Buhari said: “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.
“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.”
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The President assure Nigerians that his administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened.
“In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks,” he said.
The President admitted the challenges being faced by Nigerians in the implementation of the naira policy.
According to him, “I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.
“To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.
“I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.”
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