If you have the old ₦500 and ₦1,000 notes with you the only thing you can do to them is redeem them. They are no longer legal tender and this is the position of President Muhammadu Buhari.
Mr Buhari also approved that the old ₦200 be released back into circulation as legal tender for 60 days starting from February 10, 2023.
Considering the hardships being faced by Nigerians over the circulation of the redesigned Naira notes and the old notes becoming illegal tender, President Buhari has extended the old naira deadline for only the ₦200 notes.
According to the president, the old naira notes would be redeemable at designated points of the Central Bank of Nigeria (CBN).
“In line with Section 20(3) of the CBN Act 2007, all existing old ₦1,000 and ₦500 notes remain redeemable at the CBN and designated points,” Mr Buhari says.
However, the old ₦200 would remain legal tender till April 10, 2023.
Buhari Promises To Punish Those Obstructing Naira Circulation
Nigerians have been facing several challenges due to the shortage of the new Naira notes in circulation.
According to the president, these hardships are being caused 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,” Mr Bubari apologized.
The president directed the CBN to “deploy all legitimate resources and legal means to ensure that Nigerians are adequately educated on the policy.
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He also urged the apex bank to see to it that Nigerians “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,” President Buhari says.
Furthermore, the president urged Nigerians to avoid violence and actions that may disrupt the forthcoming General Elections.
