Tuesday, June 25, 2024

JUST IN: Old N500, N1,000 notes can be swapped at CBN, designated points, says Buhari

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During his national broadcast on Thursday, the President of the Federal Republic of Nigeria Muhammadu Buhari announced measures to ease the supply pressures and ease the burden on Nigerian citizens. He approved the release of old N200 banknotes back into circulation and instructed that they should 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, afterward the old N200 note would cease to be legal tender.

President Buhari also made it known that all existing old N1,000 and N500 notes remain redeemable at the Central Bank of Nigeria (CBN) and designated points, in accordance with section 20(3) of the CBN Act 2007. This decision is expected to ease the current Naira scarcity crisis and provide some relief to the Nigerian people.

Furthermore, the President emphasized the importance of national unity and called for calm amidst ongoing protests in the country. He assured the public that the government is committed to addressing the challenges facing the nation, including the economic situation and security concerns.

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