Breaking: CBN reinstates circulation of old 200, 500 and 1000 Naira notes as legal tender for another 70 days

Safiu Kehinde

The Central Bank of Nigeria has reinstated the circulation of old 500 and 1000 Naira notes as legal tender for another 70 days following a close door meeting held with President Muhammadu Buhari yesterday.

This was contained in a Press Release issued and signed by the apex bank’s Director Corporate Communications Department, Osita Nwanisobi.

The document which was leaked by the wife of the President, Aishat Buahri, via her Instagram account, stated that the old currencies will continue to be legal tender till May 1, 2023.

“Due to the current and unpleasant situation happening in Nigeria, in line with Mr. President. After have a closed meeting with him on the 20th of February, 2023, Central Bank of Nigeria has been directed to only reissue and recirculate the old N200, N500, and N1000 bank notes and this is expected to circulate as legal tender for 70 days up to May 1, 2023. Members of the Public should therefore continue to spend the old notes.” The statement read.

Recall that President Buhari, had only reinstated the circulation of the old 200 Naira note earlier last week, following several agitations and civil unrest which had taken over the country.

There is also a pending case at the Supreme Court as regards the CBN’s Naira Redesign Policy which will be readdressed tomorrow by the apex court.


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