Buhari insists old N500, N1,000 notes no longer valid — despite supreme court ruling

President Muhammadu Buhari says the old N500 and N1,000 notes can be swapped at the Central Bank of Nigeria (CBN) and designated points.

Speaking in a national broadcast on Thursday, the president said the old N200 note will, however, remain legal tender until April 10 when they will cease to be valid.

“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 note ceases to be legal tender,” he said.

“In line with section 20(3) of the CBN Act 2007, all existing old N1,000 and N500 notes remain redeemable at the CBN and designated points.”

The president’s position is despite a ruling on a suit filed by some states challenging the naira redesign policy, in which the supreme court restrained the federal government from restricting the use of the old naira notes pending the determination of the suit.

At the resumed sitting on Wednesday, Abdulhakeem Mustapha, counsel to Kaduna, Kogi, and Zamfara states, asked the court to make an order directing the federal government not to implement a deadline on the old naira notes.

But a seven-member panel of the apex court led by John Okoro, said there was no need to issue a fresh order as “the interim order is pending the hearing on the motion on notice”.

The case was, thereafter, adjourned till February 22.

Meanwhile, the CBN, in a circular addressed to deposit money banks (DMBs), mobile money operators (MMOs), super agents, and agents in January, announced the launch of a cash swap programme in all LGAs across the country.

Super agents are companies licensed by the CBN to recruit agents for the purpose of agency banking.

“The old N1000, N500, N200 notes can be exchanged for the newly redesigned notes and/or the existing lower denominations (N100, N50 and N20, etc) which remain legal tender,” the CBN had said.

“The agent shall exchange a maximum of N10,000 per person. Amounts above N10,000 may be treated as cash-in deposit into wallets or bank accounts in line with the cashless policy. BVN, NIN, or Voter’s card details of the customers should be captured as much as possible.”