Buhari Declares That The Old 500 And 1000 Naira Notes Are No Longer Valid.

The old 500 and 1000 dollar bills are no longer accepted as legal money in Nigeria, according to President Muhammadu Buhari.

In a nationwide broadcast that was carried on national networks, Buhari stated this.

Nonetheless, he gave the Central Bank of Nigeria (CBN) the order to put old N200 notes into circulation for the next 60 days as legal cash.

Buhari gave the CBN instructions to make the new notes accessible to all residents.

He expressed regret to Nigerians for the challenges encountered in carrying out the naira redesign strategy.

“I have given the CBN approval 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 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. “This will further ease the supply pressure, particularly on our citizens.

The current old N1000 and N500 notes are still redeemable at the CBN and other approved locations, in accordance with Section 20(3) of the CBN Act 2007.

Buhari expressed sympathy for Nigerians’ challenges in using the new Naira currency.