Breaking News! President Muhammadu Buhari Insists Old N500, N1,000 Notes No Longer Valid, Approves Old N200 Notes

On Thursday morning the Nigerian President announced via a nationwide broadsheet to Nigerians, that the N500, N1,000 are no longer valid.

He also apologised to Nigerians over the difficulties experienced in accessing the scarce newly redesigned Naira notes.

Last week, the Supreme Court had given an interim order for the continued use of all the old notes until it finally rules on the suit filed by some state governors.

However while sitting on Wednesday, the Supreme Court did not reverse that order, hence its validity remains. But the court adjourned the suit to 22 February.

Extract from the President's speech below;

"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,”  Buhari said.

“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.”